* Exporters rise after good U.S. GDP data lifts Wall Street
* Gains may be capped by profit-taking ahead of weekend
* Nintendo falls after profit slide, forecast cut
TOKYO, Oct 30 (Reuters) - Japan's Nikkei stock average rose 1.3 percent on Friday after Wall Street climbed on data showing the U.S. economy had returned to growth, while Japan Airlines gained after it turned to the government for a bailout.
But Nintendo Co Ltd fell 3 percent after the company reported a 52 percent slide in quarterly profit on Thursday and slashed its full-year forecast as the Wii console loses its title as the videogame platform to beat.
Exporters such as Canon Inc climbed after the U.S. government's first estimate of U.S. gross domestic product showed the economy expanded at an annual rate of 3.5 percent in the third quarter, the first quarter of growth after more than a year of contraction. Analysts cheered the gains, but warned the market was ripe for profit-taking ahead of the weekend and that uncertainties remained about the global economy after U.S. data earlier this week had hinted at a slowdown.
"It's hard to say if things have really changed, and there are a lot of other indicators coming up next week," said Yutaka Miura, senior technical analyst at Mizuho Securities.
"GDP data is relatively old, after all, and doesn't tell us much about more recent growth. So we know the past was good, but there are a lot of uncertainties still about the future."
The benchmark Nikkei rose 125.86 points to 10,016.96 after closing at a three-week low below 10,000, on Thursday. The broader Topix gained 1 percent to 891.10.
Investors were likely to remain somewhat wary ahead of a slew of U.S. events and economic indicators next week, including a Federal Reserve meeting, other market players said.
"The Nikkei's falls earlier this week have made prices attractive for investors, but because today is the end of the week as well as the end of the month, look for profit-taking at the highs," said Hiroichi Nishi, general manager at the equity division of Nikko Cordial Securities.
Japan's earnings season peaks on Friday, with big names such as Sony Corp, Toshiba Corp and Panasonic all due to announce results after the close, and investors will be keenly watching results.
Nintendo fell to 23,440 yen after the earnings results, which reflected the fact that demand for its family-friendly games has cooled as rivals Sony and Microsoft Corp bolster their catalogue of games that appeal to die-hard players.
But Olympus Corp climbed 7.5 percent to 2,855 yen after the Nikkei business daily said the company is expected to post a group operating profit of 28 billion yen for the April-September first half, beating the company's own forecast of 19 billion yen.
JAL rose 1.7 percent to 117 yen after it said on Thursday it would apply for assistance from a state-backed corporate turnaround body, setting the stage for a large injection of public funds into the troubled airline.
The government has been scrambling to secure financing and map out a restructuring plan for JAL, which is headed for its fourth loss in five years, weighed down by $15 billion in debt and crippling pension costs.
Among exporters, Sony rose 3.3 percent to 2,800 yen, Canon gained 1.4 percent to 3,520 yen and Toyota Motor Corp rose 2 percent to 3,640 yen. (Reporting by Elaine Lies; Editing by Hugh Lawson)