* Japanese equities' valuation no longer attractive - analyst * Nikkei finds support at 9,400 - analyst * Sharp up more than 2 pct on Qualcomm deal * Paper companies drop on Merrill rating cuts By Ayai Tomisawa TOKYO, Dec 4 (Reuters) - Japan's Nikkei share average edged down on Tuesday, trimming gains from a seven-month closing high in the previous session as weak U.S. economic data triggered profit-taking on exporters. By the midday break, the Nikkei was down 0.4 percen