TOKYO, Nov 13 (Reuters) - Japan's Nikkei share average

fell 1% on Wednesday, tracking Wall Street's weak performance

overnight, while investors also booked profits after a sharp

rally last week.

The Nikkei was down 1.08% to 38,949.62, as of 0217

GMT, while the broader Topix slipped 0.95% to 2,715.35.

Wall Street's three major indexes closed lower on Tuesday,

as investors booked some profits from a post-election rally and

waited anxiously for U.S. inflation data due this week.

"Investors were not convinced that the Nikkei would hit

40,000 again anytime soon, so they sold stocks as the index

neared that level," said Fumio Matsumoto, chief strategist at

Okasan Securities.

"For the index to rise further, we need to see more appetite

from foreigners."

The Nikkei hit its highest level since Oct. 15 last week and

posted its biggest weekly gain since September.

Uniqlo-brand owner Fast Retailing ( FRCOF ) slipped 1.46% on

Wednesday to drag the Nikkei the most. Staffing agency Recruit

Holdings ( RCRRF ) lost 3.35%.

SoftBank Group gave up its early gains to fall

0.84%. The technology start-up investor rose at the open after

reporting a 1.18 trillion yen ($7.63 billion) net profit for the

three months to September.

Nissan Motor ( NSANF ) slipped 0.26%, following a 13% surge

in the previous session. A filing showed on Tuesday activist

investor Effissimo Capital Management had taken a stake in the

struggling Japanese automaker.

Game maker Nexon ( NEXOF ) tanked 14% to become the top

percentage loser on the Nikkei after cutting its annual net

profit forecast for the year to December.

Tokyo Electron ( TOELF ) rose 3% to become the biggest

support for the Nikkei, as the chip-making equipment maker

raised its annual operating profit forecast by 8.5%.

Sharp surged 12.84% to become the top gainer on the Nikkei

after the mobile phone maker more than quadrupled its

half-yearly net profit.

($1 = 154.6800 yen)

(Reporting by Junko Fujita; Editing by Subhranshu Sahu)