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TOKYO, Sept 28 (Reuters) - Japanese stocks fell on Monday as investors took profits from gains made on Friday ahead of key economic indicators scheduled for release this week in Japan, China and the U.S.
The Nikkei share average dropped 1.3 percent to 17,645.11, wiping out a large chunk of Friday's 1.8 percent gain.
Japan's steel companies underperformed, pulling the Topix iron and steel subindex down 3 percent. JFE Holdings shed 4.3 percent while Nippon Steel and Sumitomo Metal lost 3.3 percent.
Nippon Paper Industries tumbled 4.3 percent after the Nikkei business daily reported that its April-Sept operating profit has likely dropped about 30 percent on the year to around 9 billion yen ($74.86 million).
Japanese retail shares bucked the trend with sellers of home and office goods leading the way. Electrical appliance retailer Yamada Denki gained 5.2 percent while household goods seller Izumi climbed 5.9 percent and office-products retailer Askul rose 5.1 percent.
Among domestic-demand stocks, the retail sector has been seen as a safe bet amid volatility in shares tied to China and global market concerns.
Credit Suisse reduced the size of its overweight rating of Japanese equities, citing exposure to global emerging markets and Prime Minister Shinzo Abe's receding popularity.
Analysts said investors will be closely watching domestic production data due Wednesday, a Bank of Japan corporate sentiment survey as well as China's Caixin manufacturing survey expected on Thursday, and Friday's U.S. jobs data.
The broader Topix fell 1 percent to 1,438.67 and the JPX-Nikkei Index 400 lost 1.2 percent to 12,885.96. ($1 = 120.2200 yen) (Reporting by Joshua Hunt and Ayai Tomisawa)