However, market losses were capped by better than expected core machinery orders data and the Bank of Japan ramping up its bond-buying program.
At closing bell, the 225-issue Nikkei Stock Average was down by 303.70 points, or 1.14%, to 26,326.16. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 22.52 points, or 1.2%, to 1,855.93.
Total 29 of 33 TOPIX sectors ended the session lower, with Oil & Coal Products (down 3.7%), Mining (down 3.65%), Electric Power & Gas (down 2.15%), Machinery (down 2.1%), and Precision Instruments (down 2.1%) issues suffered the largest percentage losses.
ECONOMIC NEWS: Core machinery orders, a highly volatile data series considered an early indicator of capital expenditure, grew 10.8% in April from the previous month, the Cabinet Office data showed on Wednesday. Compared with a year earlier, core orders, which exclude volatile numbers from shipping and electric power utilities, gained 19.0% in April, the data showed.
CURRENCY NEWS: The dollar cut early gains to move around upper 134 yen range in Tokyo trading on Wednesday. At 5 p.m., the dollar stood at 134.71-71 yen, up from 134.42-42 yen at the same time Tuesday.
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