TOKYO, June 14 (Reuters) - Japan's Nikkei share average jumped on Wednesday, following an upbeat session on Wall Street and as investors scooped up index heavyweights including Toyota Motor, while a weaker yen also lifted market sentiment.

The Nikkei index rose 0.87% to 33,307.43 by the midday break, hitting its highest since March 1990 at 33,478.21, and extending gains for a fourth session. The broader Topix advanced 0.87% to 2,248.49.

The S&P 500 and Nasdaq reached their highest closes in 14 months overnight, as data showing consumer prices rose modestly in May boosted bets that the Federal Reserve will not raise interest rates on Wednesday.

"When U.S. stocks rise, global investors must buy Japanese stocks. The weaker yen also boosted investor sentiment," said Shigetoshi Kamada, general manager at the research department of Tachibana Securities.

"And when Japanese shares are on the rise, they want to buy large caps. Looking at today's market, it looks like they are buying heavyweights in a big package."

Toyota Motor rose 4.05% after a 5% jump on Tuesday as market participants awaited its annual shareholders meeting due later in the day after the company announced a radical roadmap for electric vehicle tech.

Honda Motor advanced 2.95%. An index tracking automakers rose 2.97% and was the top performer among the 33 industry sub-indexes on the Tokyo Stock Exchange.

Technology investor SoftBank Group advanced 4.12%.

Steel makers rose 2.9%, with Kobe Steel up 4.2%.

Chip-related shares fell, with Advantest losing 1.66% and Tokyo Electron down 0.63%.

Drug makers lost 0.92%, with Eisai shedding 3.32% and Daiichi Sankyo down 2.86%. (Reporting by Junko Fujita; Editing by Subhranshu Sahu)