TOKYO, Aug 31 (Reuters) - Japan's Nikkei average dropped on Monday as a stronger yen sent shares of exporters lower, erasing earlier gains to an 11-month high after an election win by the opposition.
The benchmark Nikkei dipped 0.4 percent to 10,497.19, after hitting at one point 10,767.00, its highest level since Oct. 6. Market players said the gain had been led by buying of Nikkei futures, sparking short-covering.
The broader Topix fell 0.3 percent to 966.09. (Reporting by Aiko Hayashi)