Nikkei erases gains on caution before earnings

* Market erases earlier gains made on Goldman, Intel results

* Investors cautious ahead of earnings season

* BOJ decision as expected, little impact -analysts

By Aiko Hayashi

TOKYO, July 15 (Reuters) - Japan's Nikkei average was flat, erasing earlier gains, as investors became cautious ahead of earnings in the United States and Japan, with some blue-chip heavyweights such as Toyota Motor (7203.T) losing steam in afternoon trade.

The Bank of Japan voted unanimously to extend its corporate funding support measures beyond their planned expiry in September, and it kept interest rates on hold. The impact was limited as the moves were within expectations. [ID:nTKF106472] [ID:nT75063]

Some analysts also said big blocks of both buy and sell orders in futures were creating volatility in a thin cash market.

The market earlier eked out gains after upbeat results from Goldman Sachs (GS.N) and Intel (INTC.O) lifted hopes of a recovery for the global economy and helped weaken the yen.

"There are hopes for corporate earnings, but it's still hard to imagine many companies will come out and revise up their earnings prospects," said Junichi Misawa, senior fund manager at STB Asset Management.

"With somewhat overly optimistic views on the economic recovery receding, the market now wants to take a look at corporate earnings."

The benchmark Nikkei .N225 dipped 3.69 points to 9,258.12, after ending morning trade up 0.5 percent.

It fell to an eight-week low of 9,050.33 on Monday after climbing to a six-month high of 10,170.82 in mid-June.

The broader Topix fell 0.4 percent to 864.88.

"The BOJ's decision to maintain policy and to extend corporate finance support steps are all within expectations, and I see little direct impact on the stock market," said Tsuyoshi Segawa, equity strategist at Mizuho Securities.

"Having said that, however, the fact that economic conditions warrant an extension of the central bank's extraordinary support measures for companies cannot be a plus for the market."

Shares of Toyota slipped 1.4 percent to 3,450 yen and industrial robot maker Fanuc Ltd (6954.T) fell 1.1 percent to 7,280 yen.