Japanese stocks plunged on profit-taking ahead of the release of US personal consumption expenditures data.
The Topix index fell 0.5% to 3,075.18 as of 3:30 p.m. Tokyo time.
The Nikkei fell 0.3% to 42,718.47.
"Investors are cautiously monitoring US economic indicators ahead of a possible US interest rate cut in September," said Naoki Fujiwara, senior investment manager at Shinkin Asset Management.
The sell-off spread across sectors, hitting exporters such as electronics and automakers, as well as banks and insurance companies. Toyota Motor contributed the most to the Topix decline, falling 1.6%. Of the 1,680 stocks in the index, 651 rose and 969 fell, while 60 were unchanged. Bucking the trend, trading firms extended gains after Warren Buffett's Berkshire Hathaway increased its stake. Separately, shares of Japanese cable companies such as Furukawa Electric and Fujikura rose after ministry data for July showed an increase in fiber optic shipments.
"Japanese stocks have shown signs of overheating due to the rapid pace of gains in August, and valuations have also become somewhat high," said Kiyoshi Ishigane, an executive fund manager at Mitsubishi UFJ Asset Management. He expects the index to slow throughout September and October. (ayu)
Source: Newsmaker.id
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