U.S. economic fundamentals, especially consumer spending, must be accurately assessed to forecast the trend of Tokyo stocks in November, because U.S. consumer sentiment is believed certain to weaken in light of the worsening employment situation and expanding anthrax scare.

Keen attention will be paid to this year’s Christmas shopping season. If sales are weak, fears of a global recession and subsequent delay in the bottoming-out of corporate earnings may rise again.

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