Nikkei dips 0.1%, exporters slip on econ worries

By Aiko Hayashi

TOKYO (Reuters) - The Nikkei stock average dipped 0.1 percent on Monday, on course to mark its longest losing streak in more than half a century as exporters such as Sony Corp slid on worries about a global economic slowdown.

Daikin Industries Ltd dropped 3.4 percent to become the biggest drag on the benchmark Nikkei after Goldman Sachs cut its price target, citing a surprisingly weak outlook for the air conditioner maker's first quarter, hurt by slumping demand in Europe.

U.S. markets were closed on Friday for the Independence Day holiday. The Nikkei finished Friday down 0.2 percent, falling for a 12th day and marking its longest losing streak since a 15-day period in 1954.

Takahiko Murai, general manager of equities at Nozomi Securities, said it is difficult for the Japanese market to snap the losing run unless the U.S. market recovers, but that depends on whether oil prices come down.

"The Japanese economy is vulnerable to a slowdown in overseas economies as it depends on exports including exports to emerging countries," he said.

"There was a view for a while that Japanese stocks may be immune to those problems, but that is fading."

The Nikkei fell 8.43 points to end the morning session at 13,229.46, falling for a 13th day.

The broader Topix was nearly flat at 1,297.53.