Yul Kwon:
Hi, I’m Yul Kwon. Last week, the United States was downgraded by a credit ratings agency for the first time in the country’s history, stoking fears that the U.S. economy may be heading towards another recession. The downgrade sparked a sharp selloff in American stocks. But the carnage didn’t stop there, as markets in Asia were also pummeled.

Hardest hit were the countries that depend on American consumers to buy many of their exports. Just take a look what happened to the big four stock markets in Asia-- Tokyo, Hong Kong, Shanghai, and Seoul. They went on a roller coaster ride, reacting to bits of news out of Washington or Wall Street.