The average of 225 issued issues listed on the Tokyo Stock Exchange's prime section lost 1,022 last week. 89, or 3.15%, fell to 31,450 at the end of the day. On Friday, he was hospitalized at 76.
Despite a lack of substantial trading incentives, the market struggled for direction early in the week.
The stock market, however, hit stocks hard on Wednesday amid a growing risk-averse mood, reflecting worries about the Chinese economy and the health of the U.S. banking sector. The market remained bearish on Thursday and Friday due to renewed worries that the U.S. Federal Reserve may raise interest rates further to tame inflation added to selling pressure.
This week, the Nikkei average is expected to move between 30,800 and 31,800, analysts and brokers said.
Carrying over this last week's bearish mood, the Tokyo market might lose further ground next week, Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management Co., said, suggesting that the Nikkei could drop below 31,000.
Yutaka Miura, senior technical analyst at Mizuho Securities Co., said the Tokyo market is likely to remain weak early this week.
But he added that if the report turns out to be rosy, it is a possibility of the U.S. chip giant Nvidias earnings announcement, scheduled for Aug. 23, pushing up stocks, especially artificial intelligence-related issues.
Throughout this week, investors will be on U.S. economic indicators such as S&P Globals composite purchasing managers index for August, due out August 23 and news related to the Chinese economy, market sources said.