Tokyo’s major indices actually saw the least of the losses in the region as the Nikkei 225 and the Topix index each dropped 2.19 percent, to 16,870.98 and 1,668.85 respectively.
However, the Mother’s market of small and mid-caps dropped 3.79 percent to 831.92.
Banks were hit hard, with Mitsubishi UFJ (TYO: 8306; NYSE: MTU) falling 4.7 percent to ¥1.21 million and Mizuho (TYO: 8411; NYSE: MFG) dropping 9 percent to ¥766,000.
Both banks reported significant declines in net income in the most recent quarter.
Export-focused sectors also saw declines.
Among carmakers, Honda Motor was 1.4 percent lower to ¥4,240, while Nissan Motor also fell 1.4 percent, to ¥1,254.
Mazda Motor was down 3.2 percent to ¥659.
In the electronics sector, Sony (TYO: 6758; NYSE: SNE) was 2.9 percent lower to ¥6,130, while TDK (TYO: 6762; NYSE: TDK; LSE: TDK) fell 12 percent to ¥9,070 on a drop of 11 percent in its operating profit, prompting UBS (TYO: 8657; NYSE: UBS; SWX: UBSN) to drop its recommendation from “neutral” to “reduce”.
Companies related to the semiconductors sector declined on rumors that Apple (NAS; AAPL; LSE: ACP; FWB: APC) could cut production of its iPhone.
Kyocera (TYO; 6971),which makes mobile phones and ceramic chip condensers, was 4.3 percent lower to ¥11,010, while Murata Manufacturing (TYO: 6981), which makes similar components, was 4.9 percent lower to ¥8,520 on the Osaka exchange.