TOKYO, Oct 31 (Reuters) - Japan's Nikkei share average

traded lower on Thursday, tracking U.S. stock indexes lower

overnight, while the market awaited the conclusion of the Bank

of Japan's policy meeting later in the day.

The Nikkei was down 0.4% at 39,132.19 as of 00:17

GMT, while the broader Topix was down 0.44% at 2,691.77.

"The Nikkei tracked the overnight declines of U.S. equities,

but also the Nikkei has retreated from gains in the previous

session, which was too strong," said Shigetoshi Kamada, general

manager at the research department at Tachibana Securities.

Japan's Nikkei share average rose to a two-week closing high

on Wednesday.

U.S. stock indexes closed lower on Wednesday as chip stocks

tumbled and investors awaited a host of corporate earnings.

"The BOJ is unlikely to make any changes in its policy and

that is the market consensus. So the policy meeting is not a

market moving cue," said Kamada.

The Bank of Japan is expected to maintain ultra-low interest

rates on Thursday and signal a cautious approach to rolling back

its massive monetary stimulus, as political uncertainty and

jittery markets cloud the outlook.

Uniqlo-brand owner Fast Retailing ( FRCOF ) fell 1.5% to drag

the Nikkei the most. Medical equipment maker Terumo ( TRUMF )

lost 1.39%.