* Nikkei on track for 13-day losing streak.
* Streak would be longest since 1954
* Exporters fall on worries about global economic slowdown
* Eyes on oil prices, U.S. markets
(Adds stocks, details)
By Aiko Hayashi
TOKYO, July 7 (Reuters) - The Nikkei stock average dipped
0.1 percent on Monday, on course to mark its longest losing
streak in more than half a century as exporters such as Sony
Corp <6758.T> slid on worries about a global economic slowdown.
Daikin Industries Ltd <6367.T> dropped 3.4 percent to become
the biggest drag on the benchmark Nikkei after Goldman Sachs cut
its price target, citing a surprisingly weak outlook for the air
conditioner maker's first quarter, hurt by slumping demand in
Europe.
U.S. markets were closed on Friday for the Independence Day
holiday. The Nikkei finished Friday down 0.2 percent, falling
for a 12th day and marking its longest losing streak since a
15-day period in 1954.
Takahiko Murai, general manager of equities at Nozomi
Securities, said it is difficult for the Japanese market to snap
the losing run unless the U.S. market recovers, but that depends
on whether oil prices come down.
"The Japanese economy is vulnerable to a slowdown in
overseas economies as it depends on exports including exports to
emerging countries," he said.
"There was a view for a while that Japanese stocks may be
immune to those problems, but that is fading."
The Nikkei <> fell 8.43 points to end the morning
session at 13,229.46, falling for a 13th day.
The broader Topix <> was nearly flat at 1,297.53.
Market analysts said the summit of Group of Eight (G8)
wealthy nations would likely have little impact on the stock
market this week. []
A three-day meeting of leaders from the G8 countries starts
on Monday in Hokkaido, northern Japan, with climate change,
soaring food and oil prices slated to dominate the agenda.
"If they come up with measures to deal with this financial
crisis, the market might may react a little bit. Otherwise, I
don't expect any impact," said Katsuhiko Kodama, senior
strategist at Toyo Securities.
EXPORTERS DOWN
Sony Corp <6758.T> shed 1.3 percent to 4,570 yen, while
industrial robot maker Fanuc Ltd <6954.T> declined 1.6 percent
to 9,660 yen.
"Investors could start buying exporters on dips with the
currency trading at this level, but at the moment they don't
have enough room to take that into account because of the
current economic situation," said Kodama at Toyo Securities.
The dollar was steady at 106.66 yen <JPY=> in early Asian
trade. A stronger yen curbs exporters' profits when they are
brought back home.
Shares of Daikin fell to 4,830 yen after Goldman Sachs cut
its price target to 5,400 yen from 5,700 yen.
Magara Construction Co Ltd <1839.T> plunged by its daily
limit, down 75 percent to 10 yen, after the construction firm
said it had filed for corporate rehabilitation after it became
unable to honour payments due this week.
The Tokyo Stock Exchange and the Osaka Securities Exchange
have both decided to delist the firm on Aug. 6.
On the upside, shares of Trend Micro Inc <4704.T> rose 3.7
percent to 3,620 yen after Mitsubishi UFJ Securities lifted its
rating to "1" from "2".
The brokerage said the computer security software maker is
expected to beat its own forecast for the second quarter,
bolstered by growth in both corporate and consumer sales despite
an economic slowdown.
Trade was slow on the Tokyo exchange's first section, with
755 million shares changing hands, below last week's morning
average of 900 million.
Declining stocks beat advancing ones by 954 to 621.
(Editing by Brent Kininmont)
