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Nikkei down 2.8 pct on earnings, recession jitters

Sun Apr 13, 2008 10:14pm EDT

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(Updates to midday)

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TOKYO, April 14 (Reuters) - Japan's Nikkei stock average fell 2.8 percent on Monday, erasing most of the previous session's gains, with exporters such as Canon Inc (7751.T) hit by a stronger yen and further evidence the United States may be in recession, while KDDI Corp (9433.T) tumbled after cutting its profit forecast.

The benchmark Nikkei average .N225 finished the morning down 373.93 points at 12,949.80. It finished Friday up 2.9 percent, ending a three-day losing streak, and gained 0.2 percent for the week.

The broader TOPIX index declined 2.5 percent or 31.68 points to 1,246.94. (Reporting by Aiko Hayashi)

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