The Nikkei average closed 0.61% lower at 29,106.78, extending losses for a fourth straight session, while the broader Topix lost 0.54% to 2,007.96.
Sumitomo Rubber tumbled 13.1% and electronics firm Elecom fell 10.6%, as both companies lowered their profit outlook on rising costs.
Beverage maker Kirin Holdings fell 6.23% after posting underwhelming quarterly results, which were hit by coronavirus restrictions on movement.
Analysts, however, said the overall earnings picture was not dull.
Nissan Motor jumped 7.51% after the carmaker raised its full-year operating profit outlook by a fifth as its margins got a boost from newer models and lower sales incentives due to tight supplies of vehicles.
Game company Nexon soared 13.53% after the firm bumped up its earnings outlook sharply while Kansai Paint rose 5.2% on brisk earnings.
Okasan Securities analysts said domestic quarterly earnings have beaten estimates by 5.1% so far among the companies that have announced results by Tuesday.
“Corporate earnings outlook is improving so I do believe the Japanese market will soon rebound,” said Takashi Hiroki, chief strategist at Monex Securities.
