TOKYO, OCT. 24 (SATURDAY) -- The Tokyo stock market recuperated slightly today from the nose dive it took yesterday.

Yesterday's drop, the second largest decline ever, came despite statements of reassurance from President Reagan and leaders here.

Reagan's news conference comments designed to calm the markets, made during yesterday's Tokyo trading, appeared to have made little difference by the time the market closed, analysts said. The Nikkei average of 225 selected shares was down 1,203.23 points, a 5 percent fall from Thursday.

The market was open today and by the close it recouped some of that loss, ending up 97.56 points at 23,298.78.

The Tokyo market had been up strongly Wednesday and Thursday, after a record 3,836.48 plunge Tuesday in response to the earlier collapse on Wall Street.

"Reagan's speech helped a little but it wasn't enough. People wanted to see something more tangible" for dealing with the U.S. trade and budget deficits, one stock analyst said.

Earlier Japanese Prime Minister Yasuhiro Nakasone also tried to soothe anxious investors. "There are ups and downs {in the market} but there's no need to worry. The general trend of the economic is not so bad."

And Japanese Finance Minister Kiichi Miyazawa told reporters after a regularly scheduled cabinet meeting that the plunge yesterday in Tokyo stock prices was simply an aftershock from the Tuesday collapse. "Stock prices go through ups and downs in a short range but there are no worries in the long run," he said.

Securities experts said yesterday that the Tokyo market is continuing to take its cue from Wall Street. Investors remain concerned about what is going to happen in the New York market and many have chosen to cash in their stocks rather than risk further reductions in value if Wall Street continues to drop, they said.

Analysts here said two trends emerged yesterday: Companies closely tied to the U.S. market were the biggest losers -- Sony, for instance, finished nearly 200 yen down -- and foreign investors were the biggest sellers, in part, analysts speculated, because they had to cover debts on Wall Street.

However, analysts said they saw no sign so far that Japanese investors in the United States were pulling out of Wall Street. "But obviously there's very little willingness to commit new money at this point," said analyst Peter Tasker, with Kleinwort and Benson, a British securities firm with offices in Tokyo.

"The greater concern is what will happen later" when the U.S. Treasury offers its next bond issue, he said. Reagan's comments, and front page newspaper stories here reporting rumors of a possible settlement in the seven-year Iran-Iraq war, caused a momentary halt in the market's slide yesterday afternoon.

But just before closing, a massive selloff affecting almost every stock occurred. Only 68 stocks closed up, with 911 down.