TOKYO: Japanese shares plumbed three-week lows on Tuesday, as investors took profits from stellar gains over the past couple of months on concerns that a fast-spreading new coronavirus strain found in Britain could disrupt a swift global economic recovery. The Nikkei average fell 1.04%, the biggest drop in about a month, to 26,436.39, its lowest close since late November. It fell below its 25-day moving average for the first time since the start of the rally following US elections in early November.

The broader Topix lost 1.56% to 1,761.12, with all the 33 sector sub-indexes on the Tokyo exchange ending lower. Fujifilm Holdings tumbled 6.0% after the Japanese Health Ministry said its medical review board concluded that clinical trial data to determine the efficacy of the firm's COVID-19 drug candidate Avigan was inconclusive.

Railway and airline operators declined, with East Japan Railway down 2.1% and ANA Holdings falling 2.3%. Oil-related shares took a hit as crude prices plunged following the news on the new virus strain. Inpex dropped 5.0%, while Eneos Holdings lost 2.7%. The index of Mothers start-up shares dropped 4.0%, falling decisively below its 100-day moving average, a bearish signal, to a three-month low.