Nikkei slips 1.4 pct, eyes on jobs data and US Big 3

(Updates to midafternoon)

TOKYO, Dec 1 (Reuters) - Japan's Nikkei average slipped 1.4 percent on Monday, with exporters such as Canon Inc (7751.T) down on profit-taking in trade thinned by worries about U.S. jobs data due out at the end of the week.

Honda Motor Co (7267.T) shed 4.4 percent after a top executive at the car maker said it would have a tough time meeting its lowered annual profit forecasts due to an increasingly severe sales environment. [ID:nT186150]

Early results from the Black Friday weekend marking the start of the Christmas shopping season in the United States showed that sales grew in shops and online, fuelled by repeat trips and deep discounts. But an early rush is unlikely to save what is shaping up to be a bleak sales season, analysts said. [ID:nN30476271]

"The bad start to the season might not have that much direct impact on Japanese companies, but there's no question that it contributes to poor sentiment," said Nagayuki Yamagishi, a strategist at Mitsubishi UFJ Securities.

The benchmark Nikkei .N225 had shed 119.04 points to 8,393.23 while the broader Topix was down 0.9 percent to 827.70.

Some support for stocks came from a slightly weaker yen, but market players said the overall trend was for the Japanese currency to advance, limiting gains.

"With potential bombshells ahead such as U.S. jobs data and developments involving the Big Three car makers, nobody wants to buy now, even though this might be a good time to buy," said Masayoshi Okamoto, head of dealing at Jujiya Securities.

Honda fell to 1,999 yen, becoming the biggest drag on the Nikkei 225 by volume weight.  Continued...