Asian stocks declined the most in nearly in a month time, the euro reached an 11-year low against the yen, and whereas copper fell following S&P downgraded France’s top credit rating and pared 8 other euro-zone countries.

The MSCI Asia Pacific Index (MXAP) fell by 1.3% at 11:38 a.m. in Tokyo’s time after a 2.2% advance in the last week. Futures on S&P’s 500 Index dropped by 0.5%. The euro slid by 0.4% to settle at 97.17 against yen that increased versus 16 of its main peers. Australia’s ten-year bond yields dropped the most in 4 months. Copper slid by 0.7% while zinc and nickel fell down.

France will auction nearly about 8.7bn Euros ($11bn) of bills on Monday, which will be followed via European Financial Stability Facility’s (EFSF) 1.5bn euro sale on Tuesday. European debt woes will certainly affect Asia, Chief Executive of Hong Kong, Donald Tsang stated.

It is impractical to be expecting Europe to take steps forward in tacking their debt concern straightly without any obstacles, as stated by Prasad Patkar, who assists in managing nearly $1bn at Sydney-based Platypus Asset Management Ltd. The cut in ratings by Standard & Poor is not going to be any sort of help for investor sentiment.

The euro declined nearly by 0.5% to 97.04 yen, which record its lowest level since Dec. 2000, it fell by 0.3% to $1.2644. Greece’s administrators will meet again with creditors on January 18, following hindered talks last week on the extent of investor losses in a planned debt swap, increasing the risk of default.