* Nikkei rebounds, but caution prevails before Japan earnings
* Canon slips after media report Q3 op profit likely halved
TOKYO, Oct 23 (Reuters) - The Nikkei average rose 0.5 percent on Friday, with a rebound on Wall Street helping to boost investor confidence, while some exporters received additional support from a weaker yen.
Elpida Memory gained after bigger South Korean rival Hynix Semiconductor Inc said it expected a shortage in dynamic random access memory chips in 2010, but Canon fell after a report its quarterly operating profit likely halved from the previous year.
Trade lacked direction on the whole, however, as investors waited to see how Japanese earnings announcements would pan out, market players said.
"Investors are holding back as Japan's earnings season hits its peak next week and there's the weekend," said Tsuyoshi Segawa, an equity strategist at Mizuho Securities.
The benchmark Nikkei gained 53.09 points to 10,320.26, after ending down 0.6 percent the previous day.
The broader Topix was flat at 909.42.
The dollar edged up to trade around 91.50 yen in early Asian trade. Many Japanese exporters have set their currency rate assumptions at 90-95 yen for the year to March.
Sony Corp rose 0.9 percent to 2,675 yen and Olympus Corp gained 1.5 percent to 2,775 yen. Industrial robot maker Fanuc Ltd added 1.3 percent to 8,120 yen.
Elpida gained 1.2 percent to 1,399 yen after Hynix Semiconductor said it expected a shortage in dynamic random access memory chips in 2010, and that price falls would be limited to mid-teen percent levels.
But Canon slipped 1.4 percent to 3,600 yen after the Nikkei business daily said a stronger yen and sluggish sales of copiers and laser printers likely weighed on its earnings. (Reporting by Aiko Hayashi; Editing by Chris Gallagher)