Japanese markets fall sharply ahead of BoJ policy rate

Japanese markets fell sharply as investors looked ahead to the Bank of Japan's rate decision on Thursday for hints about the near-term rate outlook.

Traders also shifted their focus to domestic corporate earnings and pondered the implications of the U.S.-Japan trade deal.

The Nikkei average tumbled 1.10 percent to 40,998.27 while the broader Topix index settled 0.72 percent lower at 2,930.73.

Chip-related shares paced the decliners, with Advantest and Screen Holdings plummeting 9-10 percent. Robot maker Fanuc soared 5 percent after its quarterly operating profit jumped nearly 30 percent.

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