Pessimism abounds in stock markets worldwide. New York share prices have taken a beating amid concern over corporate earnings and economic prospects. The tumble in New York quickly spilled over to Tokyo, sending key market gauges to their year-to-date lows.

Given the eroded investor confidence, the Tokyo market — as measured by the 225-issue Nikkei average — appears likely to move between 13,500 and 15,000 in the short term.

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