Japan's Nikkei reverses gains on sell-off to book profits

TOKYO, May 14 (Reuters) - Japan's Nikkei share average reversed course to trade lower on Wednesday as investors sold stocks to book profits, while the broader Topix is set to snap its longest winning streak in nearly 16 years.

The Nikkei .N225 fell 0.81% at 37,874.59 by the midday break.

The broader Topix .TOPX fell 1.21% to 2,738.59, on course to snap a 13-day winning streak, its longest since August 2009.

The Nikkei hit a three-month high on Tuesday, buoyed by hopes for more deals between major economies after the U.S. and China agreed to temporarily slash harsh reciprocal tariffs.

"The market had set the 38,000 as a target after the Nikkei tanked last month, following the announcement of (U.S. President Donald) Trump's tariffs," said Hiroyuki Ueno, chief strategist at Sumitomo Mitsui Trust Asset Management.

"The index hit that target earlier than expected, and that prompted investors to sell stocks to book profits today."

Uniqlo-brand owner Fast Retailing 9983.T fell 1.19% to drag down the Nikkei the most. Healthcare equipment maker Terumo 4543.T fell 3.3%.

Yaskawa Electric 6506.T fell 4.44% after the robot maker was excluded from MSCI's standard index in its regular reshuffle.

Heavy machinery maker IHI 7013.T rose 2.03% as it was included in the index.

Of more than 1,600 stocks trading on the Tokyo Stock Exchange's prime market, 15% rose and 82% fell, with 1% trading flat.