TOKYO, Oct 22 (Reuters) - Japan's Nikkei share average

pulled back from an all-time peak on Wednesday, as investors

took profits following two days of strong gains on expectations

of fiscal stimulus under the country's new prime minister.

The Nikkei sank 0.7% to 48,968.79 by 0030 GMT, half

an hour into the trading day, after closing at an all-time high

on Tuesday, when it also notched an intraday record peak of

49,945.95.

The index was mostly pulled lower by tech stocks, following

declines for Wall Street peers overnight.

The broader Topix, by contrast, climbed 0.1% to

3,251.85, edging back towards the previous day's record high of

3,274.06.

The big winners were automakers, following a sharp drop in

the yen to as low as 152.18 per dollar on Tuesday. A

weaker Japanese currency buoys the value of overseas revenues.

Toyota Motor ( TM ) climbed 3.4%, and the Tokyo Stock

Exchange's transport equipment sub-index gained 2.6%

to be the best performer among the 33 industry groupings.

Fiscal and monetary dove Sanae Takaichi was confirmed as

Japan's first female premier on Tuesday.

Global money managers are circling back to Japan's stock and

debt markets, drawn by hopes of reflationist government

policies, as well as a desire to diversify from pricier U.S. and

European markets.

Benchmark 10-year Japanese government bond yields

rose 1 basis point to 1.665% on Wednesday, but

have been largely stable around that level this week.

Ten-year JGB futures edged up 0.02 yen to 136.12

yen.

Bond yields move inversely to prices.

(Reporting by Kevin Buckland; Editing by Subhranshu Sahu)