Crude oil prices once again were a major reason that Tokyo equities markets ended the day lower on Wednesday. The Nikkei 225 was down 0.3 percent to 12,413.60, while the Topix index fell 0.2 percent to 1,271.29.

Airlines, shippers and automobile manufacturers all fell, as did the transport equipment sector, which was down 0.8 percent as a whole. Toyota lost 1.1 percent to ¥4,500 as investors worried that the export-dependent carmaker could be harmed if demand in the US goes down due to high oil prices.

Japan Airlines, which said it was considering raising domestic fares, was down 1.3 percent to ¥311, as the air transport sector fell 0.6 percent. Shipper Mitsui OSK declined by 0.7 percent to ¥808.

In addition Japan’s second largest travel agency, Kinki Nippon Tourist, lost 3.7 percent to ¥315 on worries that travel costs will increase.

Oil refiner and shipper Cosmo Oil decreased by 4.7 percent to ¥549 on the announcement that it would issue ¥39 billion in new bonds and shares as it tries to raise money to expand its refining capacity.