TOKYO - ASIAN shares fell sharply on Tuesday, battered by ongoing unrest in the Middle East, an earthquake in New Zealand and a downgrade of Japan's credit rating outlook.
Oil prices, meanwhile, soared to near US$93 (S$121) a barrel on Tuesday in Asia as Libyan leader Muammar Gadhafi struggled to keep power of the Opec nation amid violent protests.
The Nikkei 225 stock average shed almost 2 per cent to 10,646.22, Hong Kong's Hang Seng index lost 1.7 per cent to 23,084.92, and South Korea's Kospi was down 2.1 per cent at 1,964.07.
Japan's ability to tackle its massive debt came under scrutiny after Moody's Investors Service downgraded its outlook for Japan's credit rating. The rating agency on Tuesday changed its outlook for Japan's Aa2 rating from stable to negative.
Stock markets in Taiwan, Singapore and mainland China also retreated. New Zealand's benchmark lost 0.9 per cent to 3,351.14 after a powerful earthquake hit the city of Christchurch.
In currency markets, the dollar rose slightly to 83.16 yen. The euro was down at $1.3608 from $1.3645. -- AP
