Japan's Nikkei slips from record high, investors weigh Wall Street lull

By Junko Fujita

TOKYO, Aug 19 (Reuters) - Japan's Nikkei share average slipped from a record high to end lower on Tuesday, as investors weighed Wall Street's muted overnight finish, raising concerns that markets have advanced too far, too fast.

The Nikkei index .N225 closed 0.38% lower at 43,546.29, after rising to a record high of 43,876.42 earlier in the session.

The broader Topix .TOPX also gave up early gains to end 0.14% lower at 3,116.63.

"Caution about the fast-pitched rally prompted investors to book profits," said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.

"Sentiment is strong so if the market sees any positive cues, the momentum will be back," he said.

Wall Street's main indexes closed roughly flat on Monday, after struggling for direction as investors awaited the Federal Reserve's annual symposium in Jackson Hole. .N

Investors will monitor the conference, held from August 21-23, where Chair Jerome Powell is expected to speak. It could offer more clarity on the U.S. economic outlook and the Fed's policy framework.

Central banks' policies will be key for the Nikkei in the coming sessions as there are expectations that the Bank of Japan may raise interest rates at its September policy meeting, said Takamasa Ikeda, a senior portfolio manager at GCI Asset Management.

SoftBank Group 9984.T reversed early gains to end 4% lower on Tuesday, becoming the biggest drag for the Nikkei, following news that the Japanese technology investor is taking a $2 billion equity stake in Intel INTC.O.

SoftBank shares have surged 36% so far this month, far outpacing the Nikkei's 9.2% gain.

Uniqlo-brand owner Fast Retailing 9983.T slipped 1.26%.

Bucking the trend, chip-making equipment maker Tokyo Electron 8035.T rose 0.83%. Drugmaker Chugai Pharmaceutical 4519.T jumped 4.46%, providing the biggest boost to the Nikkei.