Nikkei slides 6.5 pct, as Toyota, Isuzu hammered

* Nikkei slides 6.5 pct, biggest one-day loss in 2 weeks

* Toyota dives on earnings fear, Isuzu plunges on downgrade

* Global economy fears grow, fed by dismal U.S. data

* Bargain-hunting at lows likely to prevent sharp falls (Adds stocks, details)

By Elaine Lies

TOKYO, Nov 6 (Reuters) - Japan's Nikkei average slid 6.5 percent on Thursday to its biggest one-day loss in nearly two weeks, with exporters hit by a stronger yen amid fears for the global economy, which brought a quick end to Obama euphoria. Automakers tumbled, with Toyota Motor Co (7203.T) diving 10.4 percent on worries about sliding earnings due to the global financial crisis, while while rival Isuzu Motors Ltd (7202.T) plunged 20.7 percent after it cut its outlook and a brokerage downgrade. Underscoring the worries of the firms central to Japan's export-centred economy, Honda Motor Co (7267.T) Chief Executive Takeo Fukui said Japanese authorities should intervene in the currency market to prevent wild fluctuations in the yen. [ID:nT2909]

The benchmark Nikkei .N225 fell 622.10 points to 8,899.14 in light trade for its biggest one-day loss since Oct 24. The broader Topix slid 6 percent to 909.30, with investors quickly forgetting the bounce seen a day earlier from the election of Barack Obama as U.S. president.

"With the election over, the eyes of investors are turning to the economy, with a sense that nothing quick can be done to stop the global economic slide," said Hideyuki Ishiguro, a supervisor at the investment strategy department of Okasan Securities.

"Over the preceding six trading days, the Nikkei rose nearly 2,000 points, with investors snapping up shares that had been sharply sold regardless of things such as earnings. But now earnings are determining their choices to buy or sell."

Toyota said after the close that had slashed its 2008/2009 group net profit forecast to 550 billion yen from 1.25 trillion yen. Its second quarter group net profit was 139.80 billion, down 69 percent year on year. [ID:nT365046]

Grim economic news in the United States included a report that showed deep cuts in employment by private employers in October and data that showed the vast service sector contracted sharply last month as the worst financial crisis in 80 years roiled the world's largest economy. [ID:nN05256456]

But some Tokyo market players said the Nikkei's fall was partly due to simple profit-taking after stocks climbed from the low of 6,994.90 on October 28.

"You have some shares already up substantially, so wanting to take profits is only natural, especially since gains are seen capped at around 9,500," said Hiroaki Osakabe, a fund manager at Chibagin Asset Management.

TOYOTA TUMBLES Market players were divided on the longer-term impact from the Toyota earnings, with some saying prior to their announcement that poor results were factored in but others saying a negative impact on the broader market was unavoidable.

"In particular, there's likely to be a ripple effect on car parts makers and similar shares. Plus Toyota's price-to-book ratio is higher than that of some other automakers, so it isn't exactly that cheap," added Osakabe.

Toyota fell to 3,810 yen, Isuzu to 161 yen and Honda slid 9.8 percent to 2,475 yen. Nissan Motor (7201.T) lost 9 percent to 455 yen.