Tokyo stocks hit 9-week high as retail shares up

(Updates to midsession)

By Aiko Hayashi

TOKYO, Oct 10 (Reuters) - Japanese stocks hit their highest point in almost nine weeks on Wednesday, with Fast Retailing Co Ltd (9983.T: Quote, Profile, Research, Stock Buzz) and other retail shares climbing as investors shifted money to domestic-demand-reliant sectors from exporters on concerns about U.S. personal consumption.

Olympus Corp (7733.T: Quote, Profile, Research, Stock Buzz) lost nearly 3 percent, becoming one of the biggest drags on the market, after JP Morgan cut its rating on the maker of digital cameras and medical equipment to "neutral" from "overweight."

"Trade is shifting towards non-exporters as it's become tough to buy high-tech shares," said Takahiko Murai, general manager of equities at Nozomi Securities. "Exporters to the United States, in particular, are having a hard time on worries about personal consumption in the U.S."

The IMF has slashed its forecast for growth in the United States next year and made more modest downward revisions to its outlook for the euro zone and Japan, Italian news agency ANSA reported on Monday. [ID:nL08399302]

"Fast Retailing is being bought on hopes that it will become the main player in the industry realignment as the company has made clear that it wants to expand," Murai said.

The benchmark Nikkei .N225 ended the morning session up 0.3 percent or 57.63 points at 17,217.53, after reaching its highest since Aug. 9.

The broader TOPIX index added 0.3 percent or 5.41 points to 1,665.47. It hit its highest point since Aug. 9 earlier.