Japan's Nikkei share average fell 0.21 percent on Friday, booking its third straight loss as selling of banks and other stocks seen as overpriced offset gains by warehouse firms such as Mitsubishi Logistics Corp.
Shipping firms dropped after a brokerage downgrade, while Tokyo Broadcasting System Inc extended a rally after jumping by its daily limit of 500 yen in the previous session.
Andrew Millward, Japanese equities fund manager at Henderson Global Investors, said shares in Japan's major banks had risen too far in too short a time.
On Tuesday, the banking sector IBNKS.posted its biggest one-day gain in two years, after strong machinery orders boosted confidence in Japan's economic recovery.
Mitsubishi UFJ Financial Group Inc, the world's biggest bank by assets, lost 2.7 percent to 1.44 million yen. It still managed a gain of 7.5 percent on the week.
Mizuho Financial Group Inc, the most active issue by value, fell 2 percent to 719,000 yen. Sumitomo Trust & Banking Co Ltd fell 2.6 percent to 899 yen.
Japan's No 5 lender said it would buy all shares in First Credit Corp, the nation's largest non-bank mortgage lender, from US investment fund Lone Star for around 130 billion yen ($1.14 billion) by the end of November using cash on hand.
The Nikkei finished down 28.70 points at 13,420.54, after having opened up 0.98 percent. For the week, the benchmark rose 1.46 percent. The broader TOPIX index fell 0.70 percent, or 9.86 points, to 1,397.93.
Private broadcaster TBS rose 1.6 percent to 3,790 yen. On Thursday, Internet shopping mall operator Rakuten Inc said it had become a major shareholder in TBS and said it wanted to merge operations through a joint holding firm.
Tsutomu Yamada, market analyst at kabu.com Securities, said media attention on TBS, which owns property in central Tokyo, was prompting investors to buy warehouse companies and other asset-rich firms.
The best performer among the Tokyo exchange's 33 industries. It gained 2.3 percent. Railway firm Keisei Electric Railway Co Ltd, which owns a 23 percent stake in Tokyo Disney Resort operator Oriental Land Co Ltd, jumped 6.1 percent to 728 yen.
Rakuten gained 1.4 percent to 87,800 yen. Shippers fell after brokerage UBS lowered its ratings of Japan's three biggest shipping firms on Thursday to "neutral 2" from "buy 2", saying that strong earnings were already factored into share prices, among other reasons.
The sea transport sub-index ISHIP.lost 3.8 percent, becoming the biggest percentage loser among the Topic's 33 sector sub-indices.
Nippon Yusen KK, Japan's biggest shipper, lost 3.7 percent to 700 yen. UBS also lowered its target share price to 800 yen from 850 yen. Second-ranked Mitsui O.S.K. Lines Ltd fell 3.4 percent to 824 yen.
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