At closing bell, the 225-issue Nikkei Stock Average declined 313.48 points, or 1.17%, to 26,386.63. The broader Topix index of all First Section issues on the Tokyo Stock Exchange retreated 17.75 points, or 0.94%, to 1,860.76.
Total 26 of 33 TSE issues closed down, with worst performing sectors were Securities & Commodities Futures, Other Financial Business, Pulp & Paper, Rubber Products, Warehousing & Harbor Transportation Services, and Transportation Equipment, while top gaining sectors included Marine Transportation, Mining, Insurance, and Electric Power & Gas.
Market participants are concerned about China's economic activity and disrupt global supply chains as Beijing races to stamp out a nascent COVID-19 outbreak in the capital and avert the same debilitating city-wide lockdown that has shrouded Shanghai for a month.
Japan corporate outlook is becoming more uncertain due to an impact from China's lockdown and the rise in energy costs.
Shares in Asahi Group Holdings surged after the Japanese beer maker announced its first price increases for canned beer in 14 years and a range of other price hikes to cope with rising costs. Retail prices on 162 items, mostly beer products, will rise between 6% and 10% from Oct. 1, reflecting increasing costs for materials, energy and transportation. Peers also rose, with Sapporo Holdings jumping 7.8%, while Kirin Holdings rose 3.8%.
Mitsukoshi Isetan Holdings advanced 3% after the department store operator raised its profit forecast.
CURRENCY NEWS: The Japanese yen traded at 127.79 per dollar, stronger as compared with levels above 128.1 seen against the greenback earlier this week.
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