Asian currencies downgraded

One of the leading agencies assessing credit risk, Moody's Investors Service, has downgraded the foreign currency credit ratings of four Asian countries --Indonesia, Malaysia, South Korea and Thailand.

Moody's said the recent financial crisis in the region had exposed the vulnerability of countries that had built up large short-term liabilities.

Moody's said that weaknesses in the Japanese economy had also affected recovery prospects.

Share prices in Japan suffered another sharp fall today, reflecting concern that there could be further bankruptcies.

From the newsroom of the BBC World Service