Tokyo stocks set to remain unstable in coming week

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FE Team | Published: January 05, 2019 21:55:21

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Tokyo stocks are expected to remain unstable next week, with persistent concerns over a slowdown in the global economy likely to continue to grip the market, observers have said, reports The Japan Times.
On Friday, the first trading day of 2019 after the New Year's holidays, the Nikkei tumbled 452.81 points, or 2.26 percent, to close at 19,561.96 on the Tokyo Stock Exchange.
A sharply stronger yen and an overnight slump in U.S. equities spurred heavy selling. Adding to the bearish sentiment were weak economic data from China and the United States, as well as U.S. technology heavyweight Apple Inc.'s downward revision to its October-December sales outlook, brokers said.
The Nikkei is expected to move between 19,000 and 20,500 next week, analysts and brokers said.
Masayuki Otani, chief market analyst at Securities Japan Inc., said he expects the Tokyo market to move on a "cautious" note.
If progress is made at U.S.-China vice ministerial trade talks early next week to resolve friction between the world's two largest economies, Tokyo stocks may rally, Otani said.