Asia markets struggled on Thursday and closed mixed, with the Japanese benchmark down more than 1 percent after Toshiba tumbled on credit downgrades.
Japan's Nikkei 225 closed down 1.32 percent or 256.6 points at 19,145.14, weighed by pressure from a stronger yen and Toshiba's plunging shares.
Shares of Toshiba were down 16.98 percent at 258.7 yen each after both Moody's and S&P Global Ratings downgraded Toshiba credit ratings and put the electronics conglomerate on ratings watch with negative implications.The downgrades come after the Japanese firm announced Tuesday it might have to recognize several billion dollars in write-downs related to its U.S.-based nuclear plant construction company acquisition.
Takata shares were positive amid a sea of red, trading up 16.47 percent or 100 yen to 707 yen each to hit its daily price limit. The airbag maker's shares rose on overnight news that it was nearing a settlement with the U.S. Department of Justice (DoJ) and is expected to pay up to $1 billion to resolve allegations of criminal wrongdoing related to its faulty air bag inflators, Reuters said, citing the Wall Street Journal.