* Komatsu rises on strong Caterpillar results * Apple suppliers take hit on weak guidance * Sony falls after Moody's cut debt rating to 'junk' * Fed meeting, U.S. data in focus By Ayai Tomisawa TOKYO, Jan 28 (Reuters) - Japan's Nikkei average edged up on Tuesday, clawing back some ground from a two-month low hit the previous day as investors scooped up bargains, while construction equipment makers like Komatsu jumped after Caterpillar reported upbeat results.
Bucking the market rise, Nitto Denko and other Apple suppliers took a hit after the U.S. company missed Wall Street's target for iPhone sales over the holiday shopping season and offered a disappointing quarterly forecast.
The Nikkei was up 0.5 percent at 15,084.21 in morning trade. On Monday it had dropped 2.5 percent to 15,005.73, its lowest closing level since Nov. 14, on concerns about a selloff in emerging-market assets.
Analysts said market sentiment had improved on Tuesday after the Turkish lira, which has been leading the rout in emerging currencies, rebounded from a record low after the central bank called an emergency meeting on Tuesday.
But they said trading may stay subdued as speculation that the U.S. Federal Reserve will reduce its stimulus further has put pressure on risk assets, especially emerging markets dependent on external financing, as the Fed kicks off its two-day policy meeting later in the day.
"Eyes are on the U.S., and there are events and economic indicators to focus on this week and next week," said Nobuhiko Kuramochi, a strategist at Mizuho Securities.
He added that the market was poised to rise further should U.S. data such as gross domestic product and employment next week confirm strength in the economy.
Square Enix Holdings Co soared as much as 7 percent to a five-year high of 2,762 yen after its new gaming application for smartphones "Dragon Quest Monsters Super Light" became the second most sold app at the Apple Store just two days after it was launched. Mizuho Securities raised its target price to 3,400 yen from 2,300 yen.
Construction equipment makers Komatsu Ltd and Hitachi Construction Machinery Co rose 2.4 percent and 2.2 percent, respectively, after Caterpillar Inc posted a stronger-than-expected quarterly profit on Monday.
On the other hand, Apple suppliers Alps Electric Co Ltd , Taiyo Yuden Co Ltd, TDK Corp and Nitto Denko Corp shed between 0.9 and 3.9 percent.
Sony Corp dropped 2.6 percent after Moody's Investors Service cut its debt rating to junk status.
The Topix rose 0.5 percent to 1,235.30, while the JPX-Nikkei Index 400, a recently introduced gauge comprised of firms with high return on equity and strong corporate governance, gained 0.4 percent to 11,153.00.