Volatility in the Tokyo stock market will remain for the foreseeable future, with further declines possible as investors seek safer options amid global growth concerns.

Many market participants point their fingers at the Bank of Japan's Jan. 29 decision to adopt a negative interest rate policy as one of key factors behind the amplified risk-averse mood.

The Nikkei stock average gained 2.8 percent the day the central bank announced the new easing policy, but the index has lost 15 percent since, and closed Friday at a 16-month low of 14,952.61. It has plummeted 21 percent since the start of the year.