Nikkei slips as exporters sold, eyes on jobs data

* Exporters drag on Nikkei as investors take profits

* Nissan climbs after switching guidance to profit

* Eyes on company results, U.S. jobs data

By Elaine Lies

TOKYO, Nov 5 (Reuters) - Japan's Nikkei stock average lost 1.2 percent on Thursday with Canon Inc (7751.T) and other exporters slipping as investors, prompted by a slightly stronger yen, locked in profits ahead of U.S. jobs data.

Sanyo Electric Co (6764.T) lost a fifth of its value after Panasonic Corp (6752.T) launched a tender offer for shares in the world's largest rechargeable battery maker. [ID:nT182667]

Although Panasonic's offer was unchanged from terms announced a year ago, market players said there had been some speculation among some market players it could revise up its offer price closer to Sanyo's trading price.

But Nissan Motor Co (7201.T) rose after Japan's third-biggest automaker revised its annual outlook to a profit from a loss as soaring sales in China helped drive quarterly earnings beyond market expectations. [ID:nT127974]

The Federal Reserve reiterated its intent to keep interest rates low on Wednesday, in line with expectations. Though Wall Street rallied in response it soon lost steam, with investors turning their eyes to jobs data due out on Friday.

"A lot of investors are likely to be staying on the sidelines ahead of the jobs data, given that the September figures were worse than expected, and this is may keep stocks weak until then," said Nagayuki Yamagishi, a strategist at Mitsubishi UFJ Securities.

The benchmark Nikkei .N225 lost 113.63 points to 9,730.68 and appeared headed for its lowest close in a month, while the broader Topix shed 0.7 percent to 874.78.

The private-sector jobs report by ADP Employers Services, often seen as foreshadowing the government figures, showed companies cut 203,000 jobs in October, fewer than the revised 227,000 in September and the lowest since July 2008. [ID:nN04349022]

Analysts polled by Reuters expect Friday's employment report to show that U.S. payrolls shrank by 175,000 and the unemployment rate hit a new 26-year-high of 9.9 percent in October.

Market players said investors were also likely to be less active as they waited for earnings of companies such as Toyota Motor Corp (7203.T), which will announce its results after the market closes on Thursday.

"The yen has gained slightly on the dollar, and this has prompted profit-taking among short-term investors, especially among shares that have already announced results," said Hiroaki Osakabe, a fund manager at Chibagin Asset Management.

The dollar lost 0.2 percent to 90.46 yen JPY=, pressured by the Federal Reserve reiterating its commitment on low rates.