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Nikkei down 1.2 pct on firm yen, but SMFG gains

Tue Sep 23, 2008 10:11pm EDT

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(Updates to midmorning)

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TOKYO, Sept 24 (Reuters) - The Nikkei average fell 1.2 percent on Wednesday amid fear that U.S. congressional wrangling could delay a proposed $700 billion plan to rescue the financial sector, while exporters such as Canon (7751.T) slid on a firmer yen.

But the market pared earlier losses on hope for a rebound on Wall Street later in the day after news that a Japanese lender may invest in U.S. investment bank Goldman Sachs (GS.N), said Yutaka Miura, deputy manager of the equity information department at Shinko Securities.

The benchmark Nikkei average .N225 shed 140.19 points to end the morning session at 11,950.40. The broader Topix declined 1.3 percent to 1,153.65.

Earlier in the day, Kyodo news agency said Sumitomo Mitsui Financial Group (SMFG) (8316.T), Japan's third-largest bank, plans to invest in Goldman Sachs. [ID:nTFA003038] (Reporting by Aiko Hayashi)

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