* Falls 1 pct as profit-taking intensifies after rallies
* Commodities hit by worries of risk money outflow
* Shanghai shares down 2.3 pct, Hang Seng down 1 pct
By Aiko Hayashi and Chikafumi Hodo
TOKYO, Nov 12 (Reuters) - Japan's Nikkei average fell more than 1 percent on Friday as profit-taking intensified after recent rallies, reflecting sharp falls in Chinese shares and plunges in oil and other commodities prices.
Wariness over possible further tightening measures by China forced fund operators to lock in profits from risk assets, including commodities and equities.
Still, Tokyo operators were not overly pessimistic in Japanese stocks as they believe the recent bullish trend is still in place due to generally strong corporate results and recent falls in the yen against the dollar, traders said.
"The Nikkei was pressured after seeing Shanghai shares drop more than 3 percent. Profit-taking emerged as the market could be a bit concerned about the recent rapid rise in share prices," said Hiroaki Kuramochi, chief equity marketing officer at Tokai Tokyo Securities.
By the mid-afternoon the benchmark Nikkei was down 1.2 percent or 116.90 points at 9,744.56.
The Nikkei has posted strong gains since the start of the month, advancing nearly 8 percent.
On Thursday it closed at 9,861.46, booking its highest close since June 24, when it last traded above 10,000.
The broader Topix fell 0.7 percent to 850.70.
The Shanghai Composite Index closed the morning session down 2.3 percent at 3,076.28 after slipping more than 3 percent at one point to a session low of 3,038.75.
Hong Kong's Hang Seng Index fell 1 percent to 2,4450.77.
China's official Securities Times reported that Beijing plans to limit foreigners from investing in its already speculative real estate sector.
"The Nikkei could come under further profit-taking pressure if commodities prices extend their losses. But there is likely to be a limit on selling the Nikkei too strongly from here," Kuramochi said, adding that it would find support at 9,500.
Spot gold lost as much as 1.7 percent to $1,385.77 an ounce, but recovered slightly to $1,389.48 by 0438 GMT.
Many analysts said potential gains in Japanese shares were in store as the outlook for the global economy brightens.
The dollar rose above 82 yen this week for the first time since early October. By Tokyo afternoon trade it was around 82.40 yen.
Analysts said the market is closely watching the outcome of the G20 summit in South Korea, where discussion was expected to include exchange rate policies and global economic imbalances, though few investors expect a sweeping agreement. (Editing by Michael Watson)