On the Tokyo Stock Exchange, the market edged up at the beginning of the week as investors were encouraged by strong showings by the European and American stock markets during the long holiday of the previous week, and buying sentiment was strong.
The market retreated later during the week as electric appliance and automotive stocks were sold off due to dissatisfaction caused by the continued strong yen/weak dollar trend in the foreign exchange market. The market declined further towards the end of the week as there was a broad sell-off of stocks, mainly high-priced high-tech and financial stocks, caused by factors such as a large drop in the New York stock market.
As a result, TOPIX fell 49.00 points (2.82%) from the previous week to close at 1,688.18. Average daily trading volume increased by 548 million shares to 1.929 billion shares. Average daily trading value increased 833.9 billion JPY from the previous week to 2.8230 trillion JPY.