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The Nikkei average fell 1.0 percent to 16,668.41, near the middle of its trading range in recent weeks. The broader Topix shed 1.0 percent to 1,337.41.

Bank shares lost 2.6 percent while insurers fell 2.5 percent. Transport equipment makers were down 1.7 percent.

Turnover was 1.785 trillion yen, about 30 percent below the average over the past year.

Chinese and Hong Kong markets will be closed in observance of the Dragon Boat Festival.

The International Monetary Fund called on policy makers in Thailand to cut interest rates in the face of a sluggish economy and low inflation, an approach that the central bank says isn’t necessary.

Thailand needs expansionary fiscal and monetary policies to help spur an economy that’s set to grow at a slower pace than most other nations in Southeast Asia, the Washington-based lender said in an e-mailed report on Wednesday.

“There is scope for further monetary easing,” the IMF said. A negative output gap, falling consumer prices and downside risks “warrant additional monetary accommodation,” it said.

The Bank of Thailand has kept its benchmark interest rate unchanged for eight consecutive meetings as it bets rising government spending will spur an economic recovery. Policy makers said at last month’s meeting that easing would provide limited support to the economy because the slowdown was partly due to “global and domestic structural problems.”