Tokyo stocks, as measured by the Nikkei average of 225 major issues, are hovering around 10,000.

Although the Tokyo market was temporarily regarded as a "place of refuge" for funds fleeing from U.S. stocks, global stock trading is being paced by falls in the U.S. resulting from accounting scandals at major corporations.

Legislation to crack down on corporate fraud is expected to be signed into law by U.S. President George W. Bush this week. Corporate chiefs are also required to submit written oaths to the government by Aug. 14, declaring their firms have compiled proper financial reports.