TOKYO, Nov 10 (Reuters) - Japanese shares fell, tracking a weak finish on Wall Street overnight, led by rubber makers, with Honda Motor and other companies dropping after disappointing outlook.

The Nikkei lost 1.17% to 27,391.00 by the midday break, while the broader Topix fell 0.86% to 1,932.74.

"Wall Street's decline overnight affected the Japanese market to a certain extent but investors sold shares as they were disappointed by companies which reported worse-than expected outlook," said Chihiro Ohta, assistant general manager at the investment research and investor services at SMBC Nikko Securities.

Honda Motor slipped 5.16%, as the automaker raised its full-year operating profit outlook but the new forecast missed an average forecast by 24 analysts, even as the automaker raised outlook.

Rival Toyota Motor fell 1.56%.

Sumitomo Rubber Industries tanked 12.9%, as the tyre maker cut its annual profit forecast. Peers Yokohama Rubber fell 6.82% and Bridgestone lost 3.65%.

The rubber sector lost 4.36% to become the biggest loser on the Tokyo Stock Exchange's 33 industry sub-indexes.

Casio Computer lost 7.83% to become the biggest loser on the Nikkei, after the watch maker cut its annual operating profit forecast.

Overnight, Wall Street ended sharply lower as Republican gains in midterm elections appeared more modest than some expected, with investors also focusing on upcoming inflation data that will provide clues about the severity of future interest rate hikes.

There were 49 advancers on the Nikkei index against 173 decliners.

The volume of shares traded on the Tokyo bourse's main board was 0.65 billion, compared to the last 30-day average of 1.3 billion. (Reporting by Junko Fujita; Editing by Rashmi Aich)