Major Asian markets declined on Wednesday as global trade concerns weighed on investor sentiment, reports CNBC.
The Nikkei 225 slipped 0.53 per cent to close at 21,638.16, while the Topix fell 0.65 per cent to end its trading day at 1,579.54.
In mainland China, the Shanghai composite was lower by 0.94 per cent to close at 3,015.26 and the Shenzhen component shed 1.32 per cent to 9,419.84. The Shenzhen composite fell 1.18 per cent to close at 1,600.02.
A private survey on Wednesday showed that growth in China's services sector slowed to a four-month low in June.
Meanwhile, South Korea's Kospi also declined 1.23 per cent to close at 2,096.02. Over in Australia, the S&P/ASX 200 bucked the overall trend in the region as it ended its trading day 0.49 per cent higher at 6,685.50.
Hong Kong's Hang Seng index slipped more than 0.2 per cent, as of its final hour of trading.
"I think recessionary signals are rising," Rainer Michael Preiss, executive director at Taurus Wealth Advisors, told CNBC's "Street Signs" on Wednesday.
Concerns over U.S. trade policy continue to weigh on investor sentiment. Washington on Monday threatened to impose tariffs on $4 billion of additional European Union goods in a long-running dispute over aircraft subsidies.
Meanwhile, European stocks closed sharply higher Wednesday as EU leaders agreed on nominees to lead the bloc's main institutions for the next five years following a marathon summit.
