Asian Markets Update: Ericsson Warning Sends Asian Telecom Stocks Lower

TOKYO -- A harsh profit warning from one of the world's largest mobile phone companies put a damper on Asian telecom shares, sending most markets in the region lower on Friday.

In Japan, investors paid scant attention to the slashing by Fitch IBCA of Japan's long-term local currency credit rating to AA+ from AAA late Thursday, as market participants had generally suspected such action in the last few weeks.

Japan's benchmark Nikkei 225 index shed 64.85 points to 17,411.05, while the Topix index, which includes all shares listed on the Tokyo Stock Exchange's first section, lost 3.06 to 1591.60. The Jasdaq small-cap index rose 1.03, or 1.2%, to 90.35, while the Nikkei over-the-counter index gained 13.77 to 1787.90. ...