Market Report - Asia Eyes Yen and Dollar

Asian shares edged lower today, pinched by a stronger Japanese currency and concerns about U.S. debt levels. Standard & Poor's says it could downgrade Great Britain's AAA credit rating. And it's sparking fears the U.S. may face the same predicament.

The yen continued its rise against the greenback, pushing Japanese exporters like Fuji Heavy Industries lower.

Sydney's benchmark dipped as BHP Billiton declined, despite plans to develop a big uranium mine in western Australia on expectations of nuclear power demand ahead.

And offsetting some market pessimism, the Bank of Japan upgraded its view on the world's No. 2 economy—despite facing the worst quarter ever. The Bank of Japan says the steep declines in exports and output are leveling out.

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