The euro on Monday fell to an 11-year low versus the yen following a mass downgrade that stripped France and Austria of their AAA rating and cut eight further sovereigns.

Europe’s currency dropped to its lowest point since 2000 to reach 97.10, compared with 97.59 on Friday.  Japan’s Nikkei Stock Average dropped 1.43 percent, South Korea’s Kospi fell 0.9 percent and China’s Shanghaio Composite lost 1.71 percent.

Standard & Poor’s late on Friday also cut the ratings of Spain, Cyprus, and Portugal by two notches. Italy, Malta, Slovenia and Slovakia all saw their ratings dropped by one notch. Portugal’s downgrade has now relegated the country to junk status. Ireland maintained its rating.

Meanwhile, negotiations between Greece and private sector creditors about the restructuring of debt broke down at the weekend, adding also to market instability.