At closing bell, the 225-issue Nikkei Stock Average stumbled by 357.58 points, or 1.33%, to 26,629.86. The broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 22.61 points, or 1.19%, to 1,878.45.
Total 31 of 33 TOPIX sectors ended the session lower, with Air Transportation (down 3.3%), Precision Instruments (down 2.9%), Real Estate (down 2.6%), and Pharmaceutical (down 2.2%) issues suffered the largest percentage losses.
The Federal Reserve is scheduled to announce its latest monetary policy decision on Wednesday, with the central bank expected to continuing raising interest rates in an effort to combat inflation. The Fed is expected to hike interest rates by 50 basis points when it concludes its two-day meeting on Wednesday, and traders are piling into bets for a potential 75-basis-point hike in the coming months. One worry is that an aggressive push higher on rates by the Fed could send the economy into recession.
Beijing is testing millions to stem the spread from a cluster infection at a 24-hour bar, with China's vice premier saying COVID prevention and control needs to be strengthened.
CURRENCY NEWS: The Japanese yen traded at 134.57 per dollar, stronger as compared with levels above 135 seen against the greenback yesterday.
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