Nikkei 225 closes down 1.9% at 64,011.34

The gap between the Nikkei's 1.9% drop and the Topix's shallower 0.6% decline points to weakness concentrated in large-cap, index-heavy names rather than a broad-based selloff across Japanese equities. The fact that Korea's Kospi fell by a similar magnitude suggests the driver was regional or macro rather than Japan-specific. Whether this proves a one-session repricing or the start of a more sustained risk-off phase across Asian benchmarks is the open question.