Nikkei almost flat after logging nearly 7-yr high

TOKYO, Feb 23 (Reuters) The Nikkei average moved in and out of positive territory on Friday as exporters such as Advantest Corp.

rose on a soft yen while investors locked in profits in recent gainers after the benchmark hit a nearly seven-year high the previous day.

Online brokerage kabu.com Securities Co. Ltd. jumped more than 6 percent after media reported Mitsubishi UFJ Financial Group (MUFG), Japan's biggest bank, may raise its stake in the company.

''Investors are taking profits due to the sense of accomplishment after the indexes reached some big milestones.

For the Nikkei and the Topix to climb further above those levels, investors need to see how corporate results turn out,'' said Yutaka Miura, a deputy manager in the equity information department at Shinko Securities.

With a lack of big factors to trade on, investors will likely focus on stock movements in the United States and on currencies for a while, he said.

The dollar was steady near 121.50 yen after climbing as high as 121.64 yen in New York trade, back near the peak of 122.20 yen struck in January -- the highest since December 2002.

The Nikkei was up 0.06 percent or 11.07 points at 18,119.86 as of 0135 GMT.

On Thursday, the benchmark ended above 18,000, at 18,108.79, for the first time in nearly seven years.

The broader TOPIX index rose 0.2 percent to 1,806.69. The index logged its highest close since November 1991 the previous session.

Shares in Sanyo Electric Co. plunged 20.5 percent to 182 yen after the company said on Friday it was fully cooperating with Japanese authorities after a newspaper report about the company's past earnings.

Online brokerage kabu.com Securities Co. gained 6.3 percent to 235,000 yen, while shares in MUFG were flat at 1.52 million yen.

Kyodo News agency and the Sankei daily said the Bank of Tokyo-Mitsubishi UFJ, MUFG's core banking unit, is considering taking control of the brokerage.

Among blue-chip exporters, Advantest gained 2.1 percent to 5,770 yen and Canon Inc. added 0.6 percent to 6,610 yen.

A weaker yen is a boon to firms that make the bulk of sales abroad because it boosts profits when earnings are brought home.

Recent gainer TDK Corp. shed 1.0 percent to 10,170 yen.

REUTERS PDS RN0720