Nikkei drops on concern about U.S. rates; Sony, Panasonic shine

* Strong Japanese earnings limit declines * Correction likely be short-term - fund manager By Ayai Tomisawa TOKYO, Aug 1 (Reuters) - Japan's Nikkei share average dropped on Friday morning after U.S. shares languished on concerns that interest rates could rise sooner than expected, but strong earnings from Sony Corp and Panasonic Corp limited the losses. The Nikkei dropped 0.3 percent to 15,581.03 in mid-morning trade. For the week, the index looked set to gain 0.5 percent.