Nikkei 225 closes down 0.6% at 65,481.27; TOPIX falls 1.7%

The gap between the two Japanese benchmarks is the real signal: TOPIX's steeper decline points to broad-based selling rather than weakness concentrated in large-cap exporters, and the softer KOSPI close suggests the pressure was regional rather than Japan-specific. That pattern matters most for anyone tracking Asian equity beta as a read-through to risk appetite elsewhere. Whether the wider TOPIX underperformance persists into the next session, or narrows back toward the Nikkei's move, is the open question.