Total 31 issues of the 33 industry category of Topix index declined into negative territory, with Iron & Steel, Mining, Insurance, Oil & Coal Products, Nonferrous Metals, Foods, and Air Transportation issues being notable losers.
Investors were watching for developments on U.S.-China trade, amid uncertainty over what has been agreed between the two economic powerhouses. At the Economic Club of New York, President Donald Trump gave an update Tuesday on trade negotiations with China, saying both sides are close to a "phase-one" deal, but that he would only accept it if the agreement worked to the advantage of U.S. workers and businesses. Trump also rattled some investors by threatening China with even more tariffs if they do not sign a deal.
US-China is looking to hammer out the first phase of an agreement that would ease some tariffs but details of a potential deal remain in flux. The U.S. is pushing for more open markets and the elimination of intellectual property theft. China, for its part, wants Washington to drop some $250 billion in tariffs imposed since the trade war began.
Nissan Motor slid 1.3% after the carmaker cut its full-year forecast to an 11-year low and posted a 70% slump in quarterly profit.
GMO Payment Gateway dropped 5.1% after the e-commerce settlement service company's quarterly earnings and profit guidance for the year to next September fell short of market expectations.
Fujifilm, on the other hand, jumped 7.0% after the company reported strong quarterly earnings and estimated it would make a record annual profit.
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CURRENCY NEWS: The Japanese yen, often viewed as a safe-haven currency in times of economic uncertainty, appreciated against greenback. The Japanese yen traded at 108.92 against the dollar after strengthening from levels above 109.2 yesterday.
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