Tokyo stocks are expected to stick to a narrow range this week as investors focus on a flood of US earnings, soaring oil prices and the race for the White House.
After a six-day losing streak, the market should be due for a bit of rebound but brokers said there were few reasons to buy.
The Nikkei average closed below 11,000 for the first time in two weeks on Friday, dropping 0.47 percent to 10,982.95 to take the loss for the week to 3.2 percent as oil prices climbed.
"I don't think there's going to much movement either up or down and the Nikkei is likely to be trapped around 11,000," said Joji Maki, senior director at Baring Asset Management.
"Even though oil prices are rising, interest rates and foreign exchange markets have been reasonably calm," Maki said.
"And although there have been some exceptions, Japanese corporate results have been good."
Takefuji Corp, Japan's biggest consumer finance company, will report first-half earnings on Thursday as the market awaits word on whether it has a new, outside, shareholder.
Also this week, Japan is expected to report strong September trade figures, after disappointing August data blamed on high oil prices.
After the Tokyo close on Friday, US light crude oil for November delivery hit a record $55 a barrel, restraining the Dow Jones industrial average which closed 0.39 percent higher at 9,933.38 for a loss of 1.21 percent on the week.
While there is general expectation of a slow week ahead in Japan, a swathe of Chinese data due on Friday, including third quarter gross domestic product, could spark some late movement.
China's economic growth is believed to have slowed in the third quarter but not by so much that Beijing will relax credit and investment curbs aimed at preventing overheating.
The median forecast of eight economists polled by Reuters was for growth of 9.0 percent in the year through the third quarter, slowing from 9.6 percent in the year through the second quarter.
Companies exposed to the performance of China's economy include steel makers such as Nippon Steel Corp and shipping firms like Nippon Yusen KK.
US tech-related earnings will be closely watched by Japanese investors, who have been shying away from the sector on concerns about the outlook for chip demand.
Tech-sector bellwether Intel Corp set the tone last week with unexciting results.
Big names to report include Texas Instruments, International Business Machines Corp, Ford Motor Co, Eastman Kodak Co and Merck & Co.
Analysts said many Japanese investors were unlikely to make up their minds about the tech sector outlook until Japan's own high-tech companies report first-half results later in the month.
The campaign ahead of the US presidential election on November 2 was also a factor. Wall Street generally favours President George W. Bush over Democratic Senator John Kerry, but the race has tightened in the last weeks of the campaign.
The market is awaiting word on whether an outside investor, such as Goldman Sachs, will acquire a big stake in Takefuji Corp.
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