"Germany is resisting euro-area debt sharing, adding to uncertainty in Europe and making investors more inclined to sell shares"
- Kiyoshi Ishigane, a Tokyo-based strategist at Mitsubishi UFJ Asset Management Co.
Japanese stocks extended losses on Tuesday after Japan's policy makers voted in favour of a bill to double the consumption tax to 10 per cent.
The Nikkei 225 Stock Average erased 0.81 per cent, or 70.63 points, to 8,663.99. The broader Topix Index fell 0.85 per cent, or 6.33, to 738.89.
"Raising the tax will cool domestic demand, forcing the economy to depend more on overseas sales," said Kiyoshi Ishigane, a Tokyo-based strategist at Mitsubishi UFJ Asset Management Co.
"Germany is resisting euro-area debt sharing, adding to uncertainty in Europe and making investors more inclined to sell shares."
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