* Nikkei has fallen 1.7 pct for the week * Canon soars on strong profit report By Ayai Tomisawa TOKYO, July 11 (Reuters) - Japan's Nikkei share average dropped for a fifth day to a fresh 1 1/2-week low on Friday morning as concerns about the financial health of Portugal's top listed bank turned investors risk-averse.
The Nikkei shed 0.3 percent to 15,164.68 in mid-morning trade after falling to as low as 15,101.49, the lowest since June 30. For the week, the index has declined 1.7 percent.
Analysts say that while investors remain jittery over developments in Europe, it is unlikely that the market will extend its falls significantly.
"This news was like throwing a wet blanket on expectations that the global economy was recovering, especially because there had been no bad news from the region lately," said Hiromichi Tamura, chief strategist at Nomura Securities.
But he added that this may not lead to a serious selloff as the market is taking a wait-and-see approach for the time being.
Espirito Santo Financial Group, the largest shareholder in Portugal's Banco Espirito Santo, suspended trading in its shares and bonds, citing "material difficulties" at parent company ESI. The bank's shares tumbled 17.2 percent, and Portugal's benchmark stock index fell 4.2 percent.
The dollar was at 101.29 yen after earlier falling to 101.04 yen, the lowest since May 21. Exporters, which are hurt by the stronger yen, lost ground, with Toyota Motor Corp falling 0.7 percent, Hitachi Ltd sliding 0.9 percent and Toshiba Corp slipping 1.1 percent.
Bucking the weakness, Canon Inc soared 3.4 percent after the Nikkei business daily reported that the company's operating profit for the April-June quarter likely rose 10 percent to 110 billion yen helped by strong sales of copiers.
The broader Topix dropped 0.4 percent to 1,254.12, and the JPX-Nikkei Index 400 declined 0.4 percent to 11,410.37.
(Editing by Eric Meijer)