Nikkei up 0.4 pct on Wall St and softer yen

(Updates to midmorning)

TOKYO, Oct 15 (Reuters) - Japan's Nikkei average rose 0.4 percent on Monday, tracking gains in Wall Street, as Tokyo Electron Ltd (8035.T: Quote, Profile, Research, Stock Buzz) bounced on a brokerage report despite weaker-than-expected orders.

Exporters like Sony Corp (6758.T: Quote, Profile, Research, Stock Buzz) and Canon Inc (7751.T: Quote, Profile, Research, Stock Buzz) were also firm as the dollar hovered near a two-month high against the yen.

"The Tokyo market this week is expected to track moves of overseas markets, given the lack of market-moving news in Japan," said Masayoshi Okamoto, head of dealing at Jujiya Securities.

He said the market may pick up pace in gains later in the day, as money from Asian investors outside Japan may start flowing in.

"Asian investors are expected to pursue gains in the Tokyo market following advances in their own markets," he said.

As of 0101 GMT, the benchmark Nikkei .N225 was up 61.56 points at 17,392.73. The broader TOPIX index rose 0.2 percent to 1,662.22.

The dollar was traded around 117.68 yen <JPY=>, supported by receding expectations for a Federal Reserve rate cut this month.

Shares of Tokyo Electron rose 3 percent to 7,520 yen after JPMorgan kept its Overweight rating and 15,000 yen price target for the world's second-biggest supplier of semiconductor equipment, even as the company missed its orders outlook in July-September.