"The European crisis is spreading out to Spain from Greece"
- Kenji Shiomura, a manager at Daiwa Securities Group Inc.
Japanese stocks lost ground on Wednesday on debt crisis contagion concerns.
The Nikkei 225 erased 0.28%, or 23.89 points, to 8,633.19. The broader Topix edged lower 0.47%, or 3.41, to 723.62.
"The European crisis is spreading out to Spain from Greece," said Kenji Shiomura, a manager at Daiwa Securities Group Inc., Japan's second-biggest brokerage.
"Shares are extremely undervalued, but even so, investors are reluctant to buy, especially in sectors that depend on Europe."
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