"The market has yet to bottom, and volatility will likely remain for another month, " said Yoshihiro Okumura, general manager for research at Chibagin Asset Management.

WSJ: Tokyo Shares End Sharply Lower

"It was a very fast-moving market today, but the data for trading volume and value, while robust, were not terribly high relative to last Thursday's selloff, " said Yoshihiro Okumura, general manager for research at Chibagin Asset Management.

WSJ: 5.2% Drop Takes Tokyo Stocks Into a Correction

"With some softening in the dollar, players are electing to take profits as the market has risen almost without a hitch since the Bank of Japan's monetary policy loosening on April 4, " said Yoshihiro Okumura, general manager Chibagin Asset Management.

WSJ: Kospi Outperforms, Shanghai Lags