TOKYO, Nov 17 (Reuters) - Japanese shares reversed early gains on Wednesday as concerns over rising costs and a weaker yen outweighed gains made by technology heavyweights after a strong finish on Wall Street. The Nikkei share average fell 0.4% to 29,679.68 by 0201 GMT, while the broader Topix lost 0.55% to 2,039.51. Earlier in the session, the Nikkei had gained 0.3% and the Topix had risen 0.2%. Overnight, all the three major indexes on Wall Street closed higher on the back of upbeat retail sales data. “The yen’s weakness against the dollar is good for some companies but also a negative factor for others. Now, investors are focusing on the latter, especially because materials costs are rising,” said Yutaka Miura, a senior technical analyst at Mizuho Securities. “But declines in Japanese shares are limited thanks to the solid performance of the U.S. market.” The dollar rose to a 16-month high overnight after data showed U.S. consumers looked past rising prices and drove retail sales higher than expected last month. Staffing agency Recruit Holdings dragged both the Nikkei and the Topix the most by falling 5.15%, while air conditioning maker Daikin Industries lost 1.96% and Uniqlo clothing chain operator Fast Retailing slid 1%. Technology heavyweights tracked the Nasdaq higher, with Tokyo Electron rising 2.46%, SoftBank Group edging up 0.6% and Advantest adding 2.15%. Oil refiner Idemitsu Kosan advanced 1.48% after the industry ministry said it was considering a measure to mitigate a sharp rise in gasoline prices by providing oil refiners with subsidies to allow them to cap wholesale prices. (Editing by Subhranshu Sahu)