TOKYO, Sept. 28 (Xinhua) -- Tokyo stocks closed lower on Thursday as the market sentiment deteriorated over rate hike concerns amid prolonged U.S. monetary tightening.

Japan's benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, fell sharply by losing 499.38 points, or 1.54 percent, from Wednesday to close the day at 31,872.52.

The broader Topix index, meanwhile, ended 34.02 points, or 1.43 percent, lower at 2,345.51.

Tracking overnight Wall Street losses, selling dominated the morning session here in the Tokyo market as well. Air and land transport stocks were notably lower on fears that rising crude oil futures prices will increase fuel costs and weigh on earnings.

As the trading day witnessed a tendency for rebalancing sales by institutional investors before the end of the fiscal quarter, market observers here believed that market sentiment was weighed down by concerns over the risk that the U.S. federal government will not pass a budget bill by the end of September which might lead to the shutdown of some U.S. government agencies starting next month.

On the top-tier Prime market, decliners were led by air transportation, warehousing and harbor transportation service, and land transportation issues.

Issues that fell outpaced those that rose by 1,539 to 241, while 27 ended the day unchanged. Enditem

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