The Japanese Topix index continued its decline at the end of Wednesday's session, from the highest level in 33 years that it reached last week, with investor sentiment turning to caution ahead of a group of major decisions related to monetary policy from central banks, including the Bank of Japan and the Federal Reserve.
Resources shares led declines after crude oil prices retreated from 10-month highs, while shipping stocks and other high-dividend stocks continued to outperform ahead of a Bank of Japan meeting that could trigger a surprise shift in ultra-loose policy.
The Topix index fell 1 percent to 2,406 points at close, down from 2,438.02 points, a level it last reached in early 1990.
The Nikkei index fell 0.66 percent to 33,023.78 points.
The Bank of Japan will announce its decision on monetary policy on Friday after the conclusion of a two-day meeting.
The shipping sector fell 0.3 percent after gains that continued for five days.
The refinery sector also fell 3.3 percent, while mining company shares fell 3.8 percent.
