The Nikkei 225 fell 0.6% to around 44,650 while the broader Topix lost 0.9% to 3,110 on Wednesday, extending recent declines as investors assessed mixed economic signals. Business sentiment among large manufacturers improved in Q3 to its strongest level since Q4 2024, though US tariff pressures continued to weigh on the outlook. At the same time, earlier data showed weakness in retail sales and industrial production, underscoring persistent headwinds. On policy, the Bank of Japan’s September Summary of Opinions revealed a divide, with some policymakers supporting additional rate hikes if growth and inflation hold, while others preferred maintaining low rates to shield the economy from tariff-related risks. Major decliners included Mitsubishi Heavy Industries (-3.4%), IHI Corp (-5.3%), and Toyota Motor (-1.4%).