TOKYO, Nov 9 (Reuters) - Japan's Nikkei share average fell on Wednesday from a near two-month high hit in the last session, led by heavyweight Nintendo after it posted poor earnings, while investors also awaited U.S. consumer inflation data and the results of mid-term elections.

The Nikkei slipped 0.16% to 27,827.16, by the midday break, retreating from a peak of 27,943.27 hit on Tuesday, its highest intraday level since mid-September.

The broader Topix lost 0.18% to 1,954.00.

Videogame maker Nintendo dropped 6.71% after slashing sales projections for its Switch console by 10%. It was the worst performing Nikkei stock after electric vehicle battery manufacturer GS Yuasa, which plunged 7.34% after disappointing investors with its own financial results.

Energy shares also tumbled amid a retreat in crude prices, ranking worst among Nikkei sectors, with a 1.91% drop.

The release of U.S. inflation data on Thursday, that is sure to impact the Federal Reserve's thinking about the path for monetary policy, kept many investors sidelined, analysts said.

Markets are also waiting to see how a closely contested battle for control of the U.S. Senate plays out.

Despite falling on the day, the Nikkei was close to evenly split between winners and losers, as some companies including motorcycle-maker Suzuki - which gained 3.85% - announced positive earnings surprises.

Of the Nikkei's 225 components, 116 rose versus 106 that fell, with three flat.

"If the Nikkei closes above 28,124 today, although it's looking very unlikely, the 200-day moving average will turn up, and from a technical perspective it's blue skies," Kazuo Kamitani, an equity strategist at Nomura, said in a conference call with journalists.

"There's still an opportunity for the Nikkei to end the year at 30,000 on a good run of positive drivers." (Editing by Rashmi Aich; Editing by Rashmi Aich)