Japanese equities declined on Wednesday as concerns whether Spain will request the bailout started to dent market sentiment. Meanwhile, market players awaited key meetings of the ECB and BoJ. The Nikkei 225 Index tumbled 0.45% to close at 8,746.87. Only four in ten sectors within the index gained. Financials and oil and gas companies were among the top-gainers. Shares of Aozora Bank and Resona Holdings 0.40% and 1.26%. Among oil and gas companies, Inpex gained 0.21% while JX Holdings dropped 0.90%. Fast Retailing was the second top-performer after Nikkei Daily reported that firm's sales are likely to hit one trillion Yen compared to sales of 929.50 million Yen last year. On the downside were technology and health care companies. Canon and Kyocera tumbled 1.88% and 0.45% while Astellas Pharma and Chugai Pharmaceutical slumped 0.89% and 0.39%. UNY Co was the top-loser, plunging 11.17% after cutting its operating profit forecast for the current accounting year.