Japanese equities tumbled on Tuesday after the government downgraded its economic outlook, citing slowing growth in China. Speculation that the Fed will refrain from easing measures also fuelled global growth concerns, sending risky assets lower. The Nikkei 225 Index shed 0.57% to close at 9,033.29. Only two in ten sectors included in the index posted mild gains. The top-performer was consumer services sector, with Secom advancing by 0.25%. Aozora Bank, the best-performer, jumped by 13.88% after the company announced that it plans to buy back common stock. At the same time, utilities and basic materials created heavy pressure on the index. Chubu Electric Power was the top-loser, plunging by 10.24% after Credit Suisse cut Japan's utilities from ‘neutral' to ‘outperform' amid high dependence on nuclear power. Among basic materials, Asahi Kasei, Dowa Holdings and Kobe Steel slumped by 1.42%, 0.19% and 4.55%, respectively.