Japanese markets extended losses after reaching a new record high earlier in the week. The Nikkei average fell 1.35 percent to 48,641.61 as newly appointed Prime Minister Sanae Takaichi ordered a fresh package of economic measures aimed at easing the burden of inflation on businesses and households.

The broader Topix index settled 0.39 percent lower at 3,253.78. Among the prominent decliners, Tokyo Electron and Disco Corp lost 3-4 percent.

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