Arab Today, arab today japan dealers expect volatility in stocks next week
Last Updated : GMT 15:47:55
Arab Today, arab today
Arab Today, arab today

Japan dealers expect volatility in stocks next week

Arab Today, arab today

Arab Today, arab today Japan dealers expect volatility in stocks next week

Tokyo - AFP

The Japanese stock market is expected to be highly volatile next week, dealers said Friday, following a huge sell-off in the global markets on worries over the US economy and European debt crisis. In the week to August 5, the Nikkei index on the Tokyo Stock Exchange slumped 5.4 percent, or 533.15 points, to 9,299.88. The Topix index of all first section shares lost 4.8 percent, or 40.41 points, to 800.96. Most of the sharp falls came Friday, in line with huge losses across Asia, after global investors dumped shares in Europe and on Wall Street, with the Dow Jones Industrial Average down 4.3 percent on Thursday, its worst one-day drop since late 2008. \"It is going to be volatile next week,\" said Seiichi Suzuki, strategist at Tokai Tokyo Securities, pegging the Nikkei to range between 9,200 and 9,500. \"The share prices may rebound early next week but soon go back down probably later in the week,\" he said. Market players are growing increasingly pessimistic that governments around the world may possess too few tools to stabilise financial markets, said Hiroaki Osakabe, a fund manager at Chibagin Asset Management. \"The US, for instance, is so laden with debt that the side-effects of an additional round of quantitative easing would be crippling, so many market players think the Fed has its hands tied,\" Osakabe told Dow Jones Newswires. He added he believes global stock prices have yet to bottom out. Dealers also said investors continue to be wary of another currency intervention by the Japanese authorities, as seen Thursday. But Monex market analyst Toshiyuki Kanayama said concerns about the outlook for the US economy are actually stronger than worries about the firmer yen. The yen clawed its way back up against the dollar on Friday due in part to the US market plunge, a day after Japan intervened in currency markets to weaken the strong yen, which has hurt the country\'s exporters. But the gains were capped by speculation that Japan might step back into the market if necessary. The dollar stood at 78.49 yen, slipping from 78.93 yen in New York.

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