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By Elaine Lies

TOKYO, June 23 (Reuters) - Japan's Nikkei stock average slid 0.6 percent to a nearly one-month closing low on Monday as Mitsubishi Estate Co Ltd (8802.T: Quote, Profile, Research) and other property developers took a beating on reports of lower condominium prices, while blue-chip exporters slid after Wall Street tumbled.

Mitsubishi UFJ Financial Group (8306.T: Quote, Profile, Research) and other banks were under pressure as fears of financial market troubles were reignited by warnings of more bank mortgage-related write-downs, but bargain-hunting helped them pare earlier losses that took the Nikkei down almost 2 percent at one point.

Precision-equipment maker Olympus Corp (7733.T: Quote, Profile, Research) climbed after a ratings upgrade, boosting the overall market, while solar equipment suppliers surged on a report of government subsidies to support household use of solar systems.

After the market closed, Sharp Corp (6753.T: Quote, Profile, Research) and Kansai Electric Power Co Inc (9503.T: Quote, Profile, Research) said they had agreed to join forces in a solar power generation project that involves the construction of two solar power generation facilities.

But investors were wary of active trade before a U.S. Federal Reserve board meeting and a raft of economic indicators due out in Japan and the United States this week that include Japanese retail sales and U.S. consumer confidence and gross domestic product data.

"It's really a pretty directionless market," said Noritsugu Hirakawa, a strategist at Okasan Securities.

"There's still no real signs of economic recovery and with the FOMC and economic indicators coming up, nobody really wants to move today," he said.