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Nikkei edges up, hovers at 10-1/2-month high as weak yen supports

* Mining stocks higher after oil prices gain

* Exporters steady as dollar stands tall

By Ayai Tomisawa

TOKYO, Nov 21 Japan's Nikkei rose on Monday morning, hovering at 10-1/2-month highs after the yen weakened further, but gains could be limited on investor caution after the market's recent sharp rally.

The Nikkei share average rose 0.6 percent to 18,072.01 in mid-morning trade, to its highest since Jan. 7.

The Nikkei has gained more than 11 percent since Donald Trump's victory in the U.S. presidential election on Nov. 8, as investors believe that his administration would embark on expansionary fiscal policies and boost growth.

In early Asian trade, the dollar rose to 111.125 yen, its highest since May 31.

"As long as the dollar stands tall against the yen, Japanese stocks will likely be helped. But once Trump mentions protectionism on trade, investors who have been cautious against the recent rally are expected to take profits," said Kazuhiro Takahashi, an equity strategist at Daiwa Securities.

Exporters were steady, with Toyota Motor Corp gaining 0.7 percent, Panasonic Corp advancing 1.2 percent and Canon Inc rising 1.0 percent.

Mining stocks were in demand after oil prices rose around 1 percent as producer cartel OPEC moved closer to an output cut to rein in oversupply that has kept prices low for over two years.

Inpex Corp surged 2.9 percent and Japan Petroleum Exploration Co soared 2.2 percent.

The broader Topix gained 0.8 percent to 1,439.60 and the JPX-Nikkei Index 400 added 0.7 percent to 12,913.37.

(Editing by Jacqueline Wong)

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