Declines in stocks related to commodities sent the Tokyo equities markets lower on Tuesday. The Nikkei 225 dropped 1.4 percent to 14,648.41, while the Topix index declined by 1.1 percent to 1,510.32. The Mother’s index of small and mid-cap stocks was also down, by 2.1 percent.

Transport-related stocks were down on the day. Japan’s largest airline, JAL, lost 2 percent to ¥299 on news of a possible strike on Wednesday that could disrupt flight schedules. Railways were down as well. Hankyu lost 4 percent to ¥535 after it said it had paid more than it intended to for Hanshin Electric Railway, which was down 5.4 percent to ¥848.

Commodities-related stocks fell as concerns continued about the state of the US economy as well as in reaction to Monday’s news that China’s central bank has begun a program to decrease lending, which could see demand for commodities there decline. Sumitomo Metal Mining lost 4.5 percent to ¥1,253, while Mitsui Mining & Smelting dropped 3.8 percent to ¥638.

Falling crude oil prices sent shares in oil-related companies lower. Nippon Oil declined by 0.9 percent to ¥799, while refiner and distributor Cosmo was down 2 percent to ¥502 and Inpex fell 3 percent to ¥890,000.

Glassmakers were also lower on the day. Asahi Glass, Japan’ largest, was down 2.3 percent to ¥1,417, while Nippon Sheet Glass dropped 4.1 percent to ¥615 as investors showed their displeasure that it now owns UK glassmaker Pilkington.

Advances were seen in the pharmaceutical sector, where Daiichi Sankyo added 1.4 percent to ¥2,930, as well as in restaurants, where Yoshinoya D&C added 2.2 percent to ¥229,000 on the prospect that US beef imports might resume soon.

Tokyo equities markets hit new 4-year highs on Wednesday as the Nikkei 225 gained 1 percent to 13,435.91 and the Topix index rose an even larger 1.8 percent to 1,401.47.

Investors were in a buying mood as they look forward to the release on Monday of the Bank of Japan’s Tankan survey of business sentiment, which is expected to show an increase of confidence among manufacturers. Blue chip stocks and exporters saw gains on the day.

Printer and copy machine maker Canon and NTT DoCoMo, Japan’s top mobile phone operator, each gained 1 percent to ¥5,970 and ¥206,000.

Automobile manufacturer Toyota was up 3.2 percent to ¥5,120, while in the banking sector, MTFG rose 9.5 percent to ¥1,380,000.

Elsewhere Hanshin Electric Railway ended the day 10.6 percent higher at ¥1,045 on confirmation that MAC Asset Management had bought a 27 percent stake in the railroad.

On the losing side, Sony fell 2.1 percent to ¥3,790 when Intel and Microsoft said they preferred a DVD standard by Toshiba rather than behind Sony’s competing standard.

Consumer electronics company Sanyo Electric was down as well, by 2 percent to ¥301 as it announced a timetable for job cuts was well as that it would leave the DVD player and recorder and VCR business.