* Nikkei slips 1.3 pct in lacklustre trade
* Exporters hit as dollar hovers just above 95 yen
* Tech shares weigh after U.S. peers fall on demand fears
* Panasonic down after Goldman Sachs balks on Sanyo talks
(Adds stocks, details)
By Elaine Lies
TOKYO, Nov 26 (Reuters) - Japan's Nikkei average lost 1.3
percent on Wednesday as the yen's advance against the dollar hit
Sony Corp <6758.T> and other exporters, with tech shares
suffering on demand fears as the global economy worsens.
Panasonic Corp <6752.T> shed nearly 3 percent after Goldman
Sachs said it had broken off talks on the possible sale of
Goldman's shares in Sanyo Electric Co Ltd <6764.T>.
Though the market welcomed the Federal Reserve's massive new
programme to aid the beleaguered American consumer, a programme
that helped the Dow and S&P 500 extend gains on Tuesday, many
players noted that numerous problems remain and have yet to be
adequately dealt with.
"The Fed appears to have moved quickly, but how soon will
this policy actually have an impact? In a way, its scale
underlines how serious the situation is," said Takashi Ushio,
head of the investment strategy division at Marusan Securities.
"The problems of GM and Ford still remain, so there's still a
lot of uncertainty."
The Fed said it will buy up to $100 billion of debt issued by
government-sponsored mortgage enterprises Fannie Mae <FNM.P>,
Freddie Mac <FRE.P> and the Federal Home Loan banks. It will also
purchase up to $500 billion of mortgage securities backed by
Fannie Mae, Freddie Mac and Ginne Mae. []
The central bank also teamed with the Treasury Department to
launch a $200 billion facility to support consumer finance.
"The new Fed bailout is of course a good thing to do, but it
raises the question about what sort of pressure this is putting
the Fed under," said Nagayuki Yamagishi, a strategist at
Mitsubishi UFJ Securities.
"Again, there were a lot of bad indicators out showing a poor
economy. Deflationary pressure in the United States is high."
The benchmark Nikkei <> shed 108.27 points to 8,215.66,
a day after rising 5.2 percent for its biggest one-day gain in
two weeks. The broader Topix <> lost 1.7 percent to 817.55.
YEN ADVANCES, EXPORTERS RETREAT
The yen advanced against the dollar, which had slipped to a
little over 95 yen by midday on scepticism that the Fed's move
would ease concerns about the financial crisis. <JPY=> []
Exporters -- vulnerable to such currency moves as their
earnings are undercut by a strong yen when repatriated --
slipped, with Sony falling 2.2 percent to 1,875 yen and Canon Inc
<7751.T> shedding 1.6 percent to 2,860 yen. Hitachi Ltd <6501.T>
lost 5.4 percent to 423 yen.
Honda Motor Co <7267.T> fell 2.9 percent to 2,030 yen and
Toyota Motor <7203.T> lost 4.6 percent to 2,985 yen.
Tech shares were pressured after the Nasdaq fell after
bellwether Cisco Systems <CSCO.O> said it will close most of its
operations in the United States and Canada for five days to cut
costs. []
Kyocera Corp <6971.T> lost 3 percent to 4,890 yen and TDK
Corp <6762.T> dropped 2.4 percent to 2,900 yen.
So-called defensive shares -- those seen as resilient in the
face of economic troubles -- provided support, though this was
not the case across the board.
Softbank Corp <9984.T> climbed 2.5 percent to 1,336 yen,
becoming the second-largest contributor to the Nikkei 225 by
volume weight. KDDI Corp <9433.T> rose 1 percent to 616,000 yen,
while soy sauce giant Kikkoman Corp <2801.T> gained 2.1 percent
to 976 yen.
Trade was light, with 729 million shares changing hands on
the Tokyo exchange's first section compared with last week's
morning average of 932 million.
Declining shares outnumbered advancing ones by 3 to 1.
(Reporting by Elaine Lies; Editing by Chris Gallagher)
