Moscow's military buildup around Ukraine's border is stoking fears about its potential impact on the economy of import-reliant Japan amid speculation a Russian invasion may further exacerbate rising crude oil and commodity prices.
The Ukraine crisis has also brought uncertainties to Tokyo's stock market, with some brokers expecting a Moscow-led offensive would send the benchmark 225-issue Nikkei stock average below the 26,000 mark from recent levels of around 27,000.
The United States and allies have warned Russia that they will impose sanctions in the event of an incursion, a development that could prompt Moscow to cut gas, oil and other energy supplies in retaliation and spur inflation.