Nikkei slips from 7-wk high; eyes on BOJ, Fed

* Profit-taking pressure strong at current levels -analyst

* Nikkei well above 25-day MA, RSI nears overheated territory

* JVC Kenwood plunges after earnings restatement

By Aiko Hayashi

TOKYO, March 15 (Reuters) - The Nikkei average fell 0.2 percent on Monday, slipping from a seven-week high as investors took profits in recent gainers such as Advantest Corp (6857.T), although some exporters climbed on a weaker yen.

Investors were reluctant to trade actively after the benchmark rose nearly 4 percent last week and as they await monetary policy reviews both at home and in the United States later in the week.

BOJ sources, talking to media including Reuters, have said the board is considering expanding special money market operations, just as the yen strengthened towards a 14-year high against the dollar. [ID:nTOE62B02H] [ID:nTOE6290C0]

"There's a strong sense of wait and see in the market ahead of the meetings at the BOJ and the Federal Reserve, making trade rather range-bound," said Yutaka Miura, a senior technical analyst at Mizuho Securities.

"At the current levels, there is more profit-taking pressure and little active buying, except for short-covering," he said.

A meeting of EU finance ministers to discuss Greece's financial problems will also take place this week.

The benchmark Nikkei .N225 was down 18.53 points at 10,732.73, well above its 25-day moving average of around 10,300, after earlier rising as high as 10,808.84, its highest since Jan. 21.

The Nikkei is getting closer to levels where it may be considered overbought, with the benchmark's relative strength index (RSI) at around 65. Anything above 70 is considered overbought.

The broader Topix .TOPX was mostly unchanged at 936.99.

"The market will likely continue its advance on growing hopes for corporate earnings and improvement in demand and supply, though it has become a bit overheated," said Hiroichi Nishi, general manager of equity marketing at Nikko Cordial Securities.

JVC JOLTED

Recent gainers succumbed to profit-taking, with chip equipment maker Advantest losing 1.2 percent to 2,188 yen and budget clothing chain operator Fast Retailing (9983.T) down 0.9 percent at 16,610 yen.

Electronics maker JVC Kenwood Holdings Inc (6632.T) slid 14 percent or 6 yen to 37 yen after restating its earnings over the past several years due to accounting problems at its unit Victor. It also now estimating an operating loss of 9.0 billion yen for this financial year, up from its previous forecast of 3.5 billion yen.

But some exporters received support from a weaker yen, which boosts their overseas profits when repatriated. The dollar rose to trade around 90.65 yen JPY=. It rose above 91 yen for the first time since late February on Friday. [FRX/]

Canon Inc (7751.T) jumped 3.3 percent to 4,180 yen and Konica Minolta (4902.T) climbed 2.1 percent to 1,011 yen.

Toyota Motor Corp (7203.T) rose 0.7 percent to 3,500 yen, despite news that a Southern California prosecutor filed the first consumer protection lawsuit against the automaker, claiming it had engaged in "fraud" by hiding evidence of dangerous vehicle defects. [ID:nN12146435]

Shipping firms climb after the Baltic Exchange's main sea freight index .BADI rose 5.7 percent to a two-month high. Fresh Chinese demand for iron ore helped buoy the index, which tracks rates to ship dry commodities. [ID:nLDE62B1M2]

Nippon Yusen (9101.T) climbed 1.7 percent to 351 yen and Kawaski Kisen K.K. (9107.T) advanced 2.3 percent to 356 yen. (Editing by Edwina Gibbs)