* Nikkei seesaws after hitting 4-mth low, trade choppy
* JAL climbs after hitting record low on Tuesday
* Political uncertainty, equity financings weigh -analyst
* Staying above 200-day moving average crucial -analysts
TOKYO, Nov 25 (Reuters) - Japan's Nikkei average was flat on
Wednesday after hitting a four-month intraday low, with tech
shares and banks sold amid persistent concerns about equity
funding, a rising yen and uncertainty about government economic
policy.
Daikyo Inc <8840.T> and shares of other apartment developers
as well as some creditors sank after unlisted Anabuki
Construction went under in Japan's fifth-biggest corporate
failure this year.
But some exporters such as Toyota Motor <7203.T> gained after
data showing Japan's exports grew in October thanks to robust
shipments to Asia. [] []
"Some investors are buying, expecting a rebound after recent
declines in the market, but the market tends to quickly flatten
or weaken slightly, a pattern we've seen in the past few weeks,"
said Mitsuo Shimizu, deputy general manager at Cosmo Securities.
"We can't now overlook Japan-specific factors. We have poor
supply and demand conditions due to a wave of equity financing
and growing scepticism about government policies going forward.
There's also a strong yen."
The benchmark Nikkei <> edged up 4.10 points to 9,405.68
after earlier falling as low as 9,366.33, its lowest level since
mid-July. The broader Topix <> rose 0.1 percent to 830.38.
The dollar <JPY=> fell to its lowest in seven weeks against
the yen and was down 0.3 percent at around 88.30 yen by
midafternoon. Investors fret about a stronger yen as it eats into
exporters' profits when they are repatriated.
Analysts noted that the Nikkei has neared a crucial support
line at the 200-day moving average, which now comes in around
9,350, and that whether it can hold the line here may be critical
for future moves.
BANKS, TECHS FALL
Shares of banks fell, after a brief bounce, on persistent
fears they will have to tap the market for equity financing after
Mitsubishi UFJ Financial Group <8306.T>, Japan's largest bank,
last week announced a large fundraising.
MUFG slipped 1.3 percent to 452 yen, while No. 3 bank
Sumitomo Mitsui Financial Group <8316.T> retreated 0.9 percent to
2,665 yen.
Tech shares also fell, with Tokyo Electron <8035.T> losing
2.3 percent to 4,770 yen and Advantest Corp <6857.T>, which makes
chip-testing equipment, shedding 1.6 percent to 1,993 yen. Canon
Inc <7751.T> slipped 0.6 percent to 3,340 yen.
Shares of Daikyo dropped 3.5 percent to 167 yen, while Takara
Leben <8897.T> lost 5.2 percent to 489 yen. The real estate
sector's subindex <.IRLTY.T> was down 2.2 percent. Tokushima Bank
<8561.T>, which said it had about 2.6 billion yen worth of
unsecured loans and other claims to Anabuki, fell 8.2 percent to
269 yen.
Anabuki, which failed with debt totalling about 140 billion
yen, said it was hurt by slow apartment sales as well as higher
land and construction prices, underscoring severe conditions in
the country's real estate market
But automakers gained, with Toyota climbing 1.5 percent to
3,430 yen and Honda Motor Co <7267.T> adding 2.2 percent to 2,785
yen. Nissan Motor Co <7201.T> jumped 3.6 percent to 635 yen.
Japan Airlines Corp <9205.T> shot up 5.8 percent to 92 yen a
day after its shares fell to a record low on growing investor
worries that Asia's largest airline by revenue could face
bankruptcy as it struggles to win an agreement on pension cuts.
[]
"The JAL issue is basically very similar to that of GM, but
the talk is that it won't be allowed to fail," said Nagayuki
Yamagishi, a strategist at Mitsubishi UFJ Securities.
(Reporting by Aiko Hayashi; Editing by Edwina Gibbs)
((aiko.hayashi@thomsonreuters.com; Reuters Messaging:
aiko.hayashi.reuters.com@reuters.net; +81 3 6441 1802))
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