TOKYO, Oct 29 (Reuters) - Japanese shares dipped on Friday as investors refrained from placing big bets ahead of an outcome of the country’s general election, while concerns over a slow economic recovery also weighed on risk appetite. The Nikkei share average was flat at 28,786,19, as of 0125 GMT, after losing as much as 1.2% earlier in the session. For the week, the index is set to close steady. The broader Topix fell 0.23% to 1,994.75. Japan’s ruling Liberal Democratic Party (LDP) faces a fight to maintain its sole majority in the weekend’s lower house election, opinion polls on Friday showed. “Investors wanted to confirm whether the LDP can build a stable administration by winning a majority,” Ikuo Mitsui, fund manager at Aizawa Securities said. Losing its sole majority in the more powerful lower house of parliament could weaken recently appointed Prime Minister Fumio Kishida and make him vulnerable to being replaced before next year’s upper house vote. “Also there are concerns over the slow momentum of Japan’s economic recovery. Prices have not risen, and this drove a sell-off by foreign investors,” Mitsui said. The Bank of Japan on Thursday cut its consumer inflation forecast and slashed economic growth forecast, leaving the country as an outlier when inflation pressure is prompting more central banks to consider withdrawing their massive stimulus. Panasonic fell 4.34% even as the home electric appliances maker raised its full-year operating profit outlook by 12%. Technology heavyewight Advantest fell 2.92% as its annual forecast missed consensus. The Nikkei recouped most of its early losses after Denso , an affiliate of Toyota Motor, reported robust earnings during the session, market participants said. Keyence jumped 4.11% after the electronic application equipment maker reported a 67% jump in its first-half net profit. Shares of Sony Group, which squeezed out a surprise 1% rise in operating profit for its second quarter, rose 2.02%. (Editing by Sherry Jacob-Phillips)