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Share prices in Tokyo closed 1.1% lower Thursday on late selling sparked by the yen's gain against the dollar, brokers said.
The Nikkei 225 index on the Tokyo Stock Exchange lost 188.87 points to end at the day's low of 17,666.29.
"Selling gained momentum as the yen rose into the range of 110 yen," said Hiroichi Nishi, manager of Nikko Securities Co. Ltd.'s equity group.
Nishi said investors "moved to lock in profits on export-oriented issues due to the higher yen," which hurts exports by making Japanese products more expensive abroad.
Dealers also stepped up selling "to adjust positions in month-end trading," he said.
The broader Topix index of all first-section issues was down 13.72 points at 1,481.08.
Turnover was 549.8 million shares against Wednesday's 650.1 million shares.
The yen traded at 110.90-92 to the dollar at 0600GMT against 110.98 yen in New York Wednesday afternoon and 111.31-34 yen here late Wednesday.
"The effect of foreign exchange rates on corporate earnings this year is still a major concern," said Tsutomu Ono, the head of research at Universal Securities Research Institute.
"Investors will mostly continue putting their money into selected issues with growth potential," Ono said.
High-technology leader Fujitsu fell 30 yen, or 0.9%, to close at 3,270 yen.
Matsushita Electric Industrial tumbled 90 yen, or 3.8% to 2,260 yen.
Among export issues, Toyota sank 140 yen, or 3.9%, to 3,460 yen and Yamaha Motor lost 35 yen or 3.4% to 1,010 yen.
Bank stocks were broadly lower as profit-taking continued after recent rises sparked by hopes of a recovery in the sector.
Bank of Tokyo-Mitsubishi fell 28 yen, or 1.6%, to 1,700 yen, and Sumitomo Bank dropped 34 yen, or 2.1%, to 1,615 yen.
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