* Exporters gain ground as dollar stands high against yen
* Mining shares underperform hit by weak oil prices
By Ayai Tomisawa
TOKYO, Aug 22 (Reuters) - Japan’s Nikkei share average edged up on Monday morning, but gains were limited as investors were cautiously focused on this week’s meeting of global central bankers in Jackson Hole, Wyoming, where the U.S. Federal Reserve may provide an insight on the rate outlook.
The Nikkei rose 0.3 percent to 16.598.25 in mid-morning trade.
Traders said that anticipation of Thursday’s Jackson Hole meeting is likely to set the market direction this week, with Fed Chair Janet Yellen scheduled to speak on Friday.
“Moves in the Japanese market will likely be dominated by the dollar-yen performances after the meeting,” said Masashi Oda, general manager of the strategic investment department at Sumitomo Mitsui Trust Asset Management. “The market could move either way, but most people want some kind of signal at this point because they have long been frustrated with no direction in the market.”
He added that investors will likely be relieved if the dollar stays between 100-105 yen.
On Monday, the dollar was up 0.4 percent against the yen at 100.59 yen, which helped exporters.
Toyota Motor Corp rose 1.2 percent and Honda Motor Co gained 1.6 percent. Panasonic Corp added 1.0 percent and Hitachi Ltd advanced 1.6 percent.
Renesas Electronics Corp rose as much as 4.2 percent in early morning trade before turning negative. The Nikkei reported that the company is in the final stages of negotiation to acquire U.S. chipmaker Intersil Corp for as much as 300 billion yen ($3 billion), but some investors have doubts about how much the deal could boost Renesas’s profits.
Mining shares underperformed after oil prices fell as analysts doubted upcoming producer talks would be able to rein in oversupply. Inpex Corp dropped 3.2 percent and Japan Petroleum Exploration Co shed 1.8 percent.
The broader Topix gained 0.5 percent to 1,301.76 and the JPX-Nikkei Index 400 added 0.4 percent to 11,702.65.
Reporting by Ayai Tomisawa; Editing by Eric Meijer