However, market losses capped after reports that new government likely to unveil a spending plan to revive the economy from the coronavirus pandemic. Japan is considering an economic stimulus package worth more than 30 trillion yen ($265 billion) aimed at easing the pain from the COVID-19 pandemic.
At closing bell, the 225-issue Nikkei Stock Average fell 104.52 points, or 0.35%, to 29,507.05. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 6.20 points, or 0.3%, to 2,035.22. Trading volume turnover on the main section stood at 1.23 billion shares worth 2.83 trillion yen.
Total 16 of 33 Topix industry groups ended down, with bottom performing issues were Iron & Steel (down 2.7%), Fishery, Agriculture & Forestry (down 2.2%), Construction (down 1.9%), Pharmaceutical (down 1.2%), Retail Trade (down 1%), and Information & Communication (down 0.9%), while top performing issues included Air Transportation (up 4.7%), Marine Transportation (up 4.1%), Mining (up 2.7%), Oil & Coal Products (up 1.5%), and Precision Instruments (up 1.1%).
Honda Motor shares dropped after the automaker revised its annual profit forecast downwards on the chip shortage and supply-chain issues impacting automakers worldwide.
Shionogi shares dropped 5.7% after US pharmaceutical giant Pfizer announced that a clinical trial of its pill to treat Covid-19 showed an 89 percent reduction in chances of hospitalisation or death among adult patients at high risk of progressing to severe illness.
Olympus shares closed up after precision machine maker reported a better-than-expected second quarter operating profit and revised up its full-year operating profit forecast.
CURRENCY NEWS: The Japanese yen appreciated to mid-113 level against greenback on Monday. The Japanese yen traded at 113.55 per dollar, stronger than levels above 114 seen against the greenback last week
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