Japan's Nikkei trades lower after five straight sessions of gains
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 mostof its early losses as a weaker yen eased sentiment.
The Nikkei index .N225 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 .TOP 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 JPY=EBS 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 8035.T slipped 0.59% to drag the Nikkei the most. Staffing agency Recruit Holdings6098.T fell 2.21% and Uniqlo-brand owner Fast Retailing 9983.T fell 0.25%
The shipping sector .ISHIP.T rose 2.16% to become the top performer among the Tokyo Stock Exchange's 33 industry sub-indexes.
Energy explorers .IMING.T were the worst performers, with a 1.42% decline.
Reporting by Junko Fujita; Editing by Christian Schmollinger and Janane Venkatraman
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