Uncertainties about high oil prices that are affecting consumer prices in the US sent equities markets in Tokyo down on Wednesday.

The Nikkei 225 was down 0.3 percent at the close to 12,272.12, while the Topix fell 0.2 percent to 1,250.10.

During the recent rise in oil prices, most analysts have de-emphasized the possible effect of the hikes on the Japanese economy on the theory that Japan uses much less energy than other developed nations.

Now, however, it is not just export-dependent companies that are being affected by higher oil prices. With Japanese gasoline prices hitting a 12-year high recently, there is some worry that domestic demand in other sectors will be affected.

On this worry, both retailers and the real estate sector fell by 0.4 percent on the day. Leading supermarket chain Ito-Yokado lost 1 percent to ¥3,970.

The banking sector was up, however, on continuing general optimism about the recovery of the Japanese economy even though Goldman Sachs said on Tuesday that it might lower the sector’s rating to “underweight”. Banking group Mizuho gained 0.7 percent to ¥547.000.