Tokyo's Nikkei 225 index lost 1.2% to 22,397.11 after Fitch Ratings downgraded its outlook for Japan to "negative" from "stable."
The pandemic is the primary concern, as secondary outbreaks raise the likelihood of further lockdowns to curb a resurgence in countries that had thought to have the virus under control, said Jeffrey Halley of Oanda. The Federal Reserve began a two-day meeting on interest rates Tuesday, with an announcement scheduled for Wednesday. Investors largely expect the central bank to keep short-term rates at their record, near-zero low, but they're also looking to hear what it says about how long they may stay there.
This week marks the heart of earnings reporting season for the S&P 500, and several big companies gave results that fell short of analysts' already lowered expectations as the pandemic stole customers away and increased some costs.
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