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The Nikkei share average slid 1.67 percent on Wednesday as Toyota Motor Corp and other exporters fell after a surprisingly big gain in US producer prices increased concerns about inflation in the key US market.
Tech shares such as Advantest Corp slumped after a revenue forecast by Intel Corp disappointed investors, helping to send the tech-sensitive Nikkei to its lowest close since September 16, losing ground for a sixth straight session.
Advantest and other chip-related firms may extend their losses on Thursday, as data released following the close of trade showed a slowdown in Japan's book-to-bill ratio, an indicator of demand for chip-making tools.
US producer prices rose 1.9 percent in September - the largest increase in 15 years - due to surging energy costs after Hurricane Katrina, a government report showed on Tuesday.
Soichiro Monji, strategist at Daiwa SB Investments, said concerns about inflation in the world's biggest economy weighed on stock prices of Japan's auto makers and other exporters.
"Up until now, Japanese auto makers such as Toyota and Honda have benefited from taking away GM and Ford's (US) market share," he said.
"But if inflation increases and the economy gets worse, Toyota, Nissan and Honda won't be able to raise their profits in America as they have done. So that's why their shares are being sold."
The Nikkei, marking its longest losing streak since May, fell 222.75 points to 13,129.49.
The broader TOPIX index lost 0.93 percent to 1,379.78.
Toyota, which made 68 percent of its sales overseas last business year, lost 1.7 percent to 5,210 yen.
The world's No 2 auto maker said on Tuesday it would recall about 1.41 million cars globally - the biggest recall in its history - due to trouble with their headlight switching systems.
Nissan Motor Co Ltd, Japan's second-ranked auto maker, fell 2.1 percent to 1,232 yen. Honda Motor Co Ltd, which made 80 percent of its sales overseas last financial year, lost 1.3 percent to 6,610 yen.
Semiconductor-related companies came under pressure after shares in Intel, the world's largest chipmaker, lost some 3 percent in after-hours trading on Tuesday.
Advantest, the world's biggest maker of chip-testing devices, lost 3.2 percent to 8,570 yen, becoming the biggest contributor to the Nikkei's decline.
Tokyo Electron Ltd, the world's second-ranked supplier of tools used to make microchips, slid 2.5 percent to 5,800 yen.
TDK Corp, a maker of electronics components, fell 2.3 percent to 7,970 yen.
Elsewhere, Chugai Pharmaceutical Co Ltd jumped 4.8 percent to 2,505 yen, after earlier hitting a lifetime high of 2,685 yen. Its shares rose 2.4 percent in the previous session on rising hopes for its new rheumatoid arthritis drug MRA.
Trading volume edged up from the previous session, with 3.05 billion shares changing hands on the Tokyo exchange's first section, the busiest day of trading since October 12. Decliners beat out gainers 1,078 to 480 ($1=115.79 yen).

Copyright Reuters, 2005

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