(Updates with levels as of 0200 GMT)

TOKYO, Aug 19 (Reuters) - Japan's Nikkei share average

inched down on Monday after its five-day winning streak, but the

index recouped most of its early losses as a weaker yen eased

sentiment.

The Nikkei index was down 0.04% to 38,047.17 by the

midday break, after falling as much as 1% earlier in the

session.

The broader Topix was down 0.05% to 2,677.23.

The Nikkei rose 8.7% last week, marking its biggest weekly

rise since April 2020, amid easing concerns about the U.S.

economy and a pause in the yen's rapid gains.

"With the Nikkei recovering to the 38,000 level, some

investors felt comfortable in selling their stocks, while those

who bought stocks at the bottom of this month wanted to book

profits," said Kentaro Hayashi, senior strategist at Daiwa

Securities.

"The yen has been stably lower against the dollar, trading

below the forecast made by local firms around 144-145," Hayashi

said.

The yen has strengthened from a 38-year low of 160

per U.S. dollar in July to 141 yen earlier this month. It has

now has weakened back to around 148.

The markets were also cautious ahead of Federal Reserve

Chair Jerome Powell's speech later this week at the symposium in

Jackson Hole, Wyoming, for its signal for the rate path, said

Hayashi.

Chip-making equipment maker Tokyo Electron ( TOELF )

slipped 0.59% to drag the Nikkei the most. Staffing agency

Recruit Holdings ( RCRRF ) fell 2.21% and Uniqlo-brand owner Fast

Retailing ( FRCOF ) fell 0.25%

The shipping sector rose 2.16% to become the

top performer among the Tokyo Stock Exchange's 33 industry

sub-indexes.

Energy explorers were the worst performers,

with a 1.42% decline.