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TOKYO, July 29 (Reuters) - Tokyo stocks fell on Monday as profit-taking gained strength, with caution building ahead of more earnings reports from Japan Inc and major central bank policy decisions this week.
Despite positive cues from Wall Street, Japan's benchmark Nikkei share average dropped 0.6% to 21,538.20 points by the midday break, pulling further back from a 2-1/2-month high hit on Thursday.
On Friday, robust earnings from Alphabet Inc and Starbucks Corp pushed the S&P 500 and Nasdaq indexes to record highs, with support from data showing U.S. economic growth slowed less than expected in the second quarter.
Profit taking hit Japanese suppliers of electronic parts to China's Huawei that had been bought late last week on a resumption of U.S.-China trade talks. Murata Manufacturing shed 2.7%, TDK Corp slipped 2.4% and Taiyo Yuden Co dipped 2.3%.
Tokyo Electron shed 1.5% after the chip-making gear supplier said its operating profit for the April-June quarter fell 41% year-on-year, a much bigger fall than the analyst consensus, after the market close on Friday.
Bucking the overall weakness, Nikkei heavyweight SoftBank Group Corp climbed 2.3% after the U.S. Justice Department said T-Mobile won an antitrust approval for its $26 billion merger of rival Sprint Corp.
The broader Topix slipped 0.5% to 1.564.50.
Japan's April-June quarter corporate earnings season gets into full swing this week.
The Bank of Japan is expected to keep its massive stimulus program unchanged at the end of a two-day meeting on Tuesday, days ahead of a widely expected interest rate cut by the U.S. Federal Reserve. (Reporting by Tomo Uetake; Editing by Kim Coghill)