Nikkei flat after hitting 4-mth low, banks fall

* Nikkei seesaws after hitting 4-mth low, trade choppy

* JAL climbs after hitting record low on Tuesday

* Political uncertainty, equity financings weigh -analyst

* Staying above 200-day moving average crucial -analysts

TOKYO, Nov 25 (Reuters) - Japan's Nikkei average was flat on Wednesday after hitting a four-month intraday low, with tech shares and banks sold amid persistent concerns about equity funding, a rising yen and uncertainty about government economic policy.

Daikyo Inc (8840.T: 行情) and shares of other apartment developers as well as some creditors sank after unlisted Anabuki Construction went under in Japan's fifth-biggest corporate failure this year.

But some exporters such as Toyota Motor (7203.T: 行情) gained after data showing Japan's exports grew in October thanks to robust shipments to Asia. [ID:nECONJP] [ID:nT207705]

"Some investors are buying, expecting a rebound after recent declines in the market, but the market tends to quickly flatten or weaken slightly, a pattern we've seen in the past few weeks," said Mitsuo Shimizu, deputy general manager at Cosmo Securities.

"We can't now overlook Japan-specific factors. We have poor supply and demand conditions due to a wave of equity financing and growing scepticism about government policies going forward. There's also a strong yen."

The benchmark Nikkei .N225 edged up 4.10 points to 9,405.68 after earlier falling as low as 9,366.33, its lowest level since mid-July. The broader Topix .TOPX rose 0.1 percent to 830.38.

The dollar JPY= fell to its lowest in seven weeks against the yen and was down 0.3 percent at around 88.30 yen by midafternoon. Investors fret about a stronger yen as it eats into exporters' profits when they are repatriated.

Analysts noted that the Nikkei has neared a crucial support line at the 200-day moving average, which now comes in around 9,350, and that whether it can hold the line here may be critical for future moves.

BANKS, TECHS FALL

Shares of banks fell, after a brief bounce, on persistent fears they will have to tap the market for equity financing after Mitsubishi UFJ Financial Group (8306.T: 行情), Japan's largest bank, last week announced a large fundraising.

MUFG slipped 1.3 percent to 452 yen, while No. 3 bank Sumitomo Mitsui Financial Group (8316.T: 行情) retreated 0.9 percent to 2,665 yen.

Tech shares also fell, with Tokyo Electron (8035.T: 行情) losing 2.3 percent to 4,770 yen and Advantest Corp (6857.T: 行情), which makes chip-testing equipment, shedding 1.6 percent to 1,993 yen. Canon Inc (7751.T: 行情) slipped 0.6 percent to 3,340 yen.

Shares of Daikyo dropped 3.5 percent to 167 yen, while Takara Leben (8897.T: 行情) lost 5.2 percent to 489 yen. The real estate sector's subindex was down 2.2 percent. Tokushima Bank (8561.T: 行情), which said it had about 2.6 billion yen worth of unsecured loans and other claims to Anabuki, fell 8.2 percent to 269 yen.

Anabuki, which failed with debt totalling about 140 billion yen, said it was hurt by slow apartment sales as well as higher land and construction prices, underscoring severe conditions in the country's real estate market

But automakers gained, with Toyota climbing 1.5 percent to 3,430 yen and Honda Motor Co (7267.T: 行情) adding 2.2 percent to 2,785 yen. Nissan Motor Co (7201.T: 行情) jumped 3.6 percent to 635 yen. Japan Airlines Corp (9205.T: 行情) shot up 5.8 percent to 92 yen a day after its shares fell to a record low on growing investor worries that Asia's largest airline by revenue could face bankruptcy as it struggles to win an agreement on pension cuts. [ID:nSP480329]