* Nikkei at 1-mth low, marks 2-mth trough at one point
* Riots in Egypt prompt investors to move out of equities
* Yen near 1-mth high vs dollar, knocks exporters
* Nikkei may target 200-day moving average of 9,871-analyst
* Fujitsu, Konica Minolta slide after cutting annual outlooks
By Antoni Slodkowski and Ayai Tomisawa
TOKYO, Jan 31 (Reuters) - Japan's Nikkei fell 1 percent to a one-month closing low on Monday, as anti-government riots in Egypt prompted investors to shun riskier assets and after Fujitsu and Konica Minolta slid on profit warnings.
The unrest in Egypt put safe-haven assets back in favour, with the yen gaining in early Asian trade to hover near four-week highs versus the greenback, providing additional downward pressure to shares of exporters.
But oil-related stocks like Japan's top oil explorer Inpex gained as Brent crude surged to a 28-month peak near $100 a barrel on worries that the unrest in Egypt could spread and disrupt oil shipments through the Suez Canal.
The Nikkei has gained some 12 percent since early November as foreigners piled into lagging Tokyo equities, but market players say the bull-run could be drawing to a close, despite expectations of strong October-December results overall from Japanese corporations.
Over the past three sessions foreigners, who account for over 60 percent of trade on the Tokyo stock market, have placed net sell orders before the market opened.
"As you can see in pre-market foreign sell orders over the past few days, there have been changes in foreign sentiment towards Japanese stocks," said Yoshinori Nagano, a senior strategist at Daiwa Asset Management.
The benchmark Nikkei lost 1.2 percent or 122.42 points to 10,237.92. It hit its lowest level since Dec. 3 at one point but recouped some losses on bargain-hunting, with generally upbeat earnings by small-cap firms helping to limit losses.
The broader Topix shed 1 percent to 910.08.
"Momentum has been falling... and in the short term it has broken the support of the 50-day moving average (of 10,277) and is looking to test the 200-day moving average at 9,871," said Jamie Coutts, a technical analyst at BGC Securities.
Volume was moderate, with 2 billion shares changing hands on the Tokyo Stock Exchange's first section, in line with last week's average daily volume of 1.9 billion shares.
The Nikkei's fall was less dramatic than the S&P 500 Index which dropped 1.8 percent on Friday, its biggest daily loss in almost six months, on the Egypt riots. S&P futures pointed to a cautious open after the weekend, inching 0.2 percent higher.
But the Nikkei was in line with other Asian bourses. The MSCI index of Asia-Pacific stocks outside Japan shed 1.1 percent.
FUJITSU FUNK
This week marks the peak for Japan October-December earnings season with investors awaiting signs of sustained recovery in blue-chip firms.
After the bell Honda Motor Co raised its cautious annual outlook beyond market expectations as a recovery in the key U.S. market helps counter the strong yen.
But other major firms had a bad day.
Fujitsu Ltd, Japan's largest IT vendor, tumbled 6.2 percent to 511 yen slashing its full-year operating profit forecast by more than a fifth, below expectations, as persistent weak demand for its data centres and other services defied expectations for a rebound.
Konica Minolta Holdings dived 7.8 percent to 792 yen after the maker of film used in liquid-crystal displays also slashed its full-year operating profit forecast 10 percent to 45 billion yen, below a consensus estimate for a 50.9 billion yen.
Profit-taking pressure was also a key factor on Monday, said Hiroaki Osakabe, a fund manager at Chibagin Asset Management.
"Egypt is a big factor for some sectors, but overall the market has also wanted to lock in profits, especially Japanese institutional investors -- they do that every year around February, before reporting earnings in March," he said.
He added that the market was focusing on U.S. private employment figures out on Wednesday and whether China does more monetary tightening before the Lunar New Year holiday, which also starts on the same day.
If either of these brought more negative news, the Nikkei could see more selling and head towards 10,000, Osakabe said.
Among oil-related stocks, Japan's top oil and gas developer, Inpex, gained 0.6 percent to 526,000 yen and JX Holdings added 0.7 percent to 555 yen.
Declining issues outnumbered advancing ones by 4 to 1. (Editing by Edwina Gibbs)