Asian stock markets were mixed Thursday after Fitch Ratings cut the United States government’s credit rating.

Tokyo’s market benchmark fell more than 1%. Shanghai and Hong Kong gained. Oil prices edged higher.

Wall Street turned in its biggest one-day decline in months after Fitch Ratings cut the U.S. government credit rating Wednesday by one level. The agency cited rising debt and a “steady deterioration in standards of governance” after Congress pushed Washington close to defaulting before agreeing to raise the amount it can borrow.

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(Source: Associated Press)