The 27-year-old dropped Wake twice in the second and once each in the third and the fifth until finally forcing referee Wayne Hedgpeth to step in at the end of the eleventh.
Guzman pushes to 22-0 with the victory, claiming the vacant IBF super-bantamweight title in the process, and went further than nine rounds for the first time in his career.
In the EDION Arena co-feature, WBA flyweight champion Kazuto Ioka also recorded an eleventh session win when knocking out Keyvin Lara to the delight of his home crowd.
Ioka, also 27, made the third defense of his belt with his 20th career triumph, having previously reigned at both 105 and 108 pounds since 2011.
On the bill, Japanese super welterweight title-holder Yuki Nonaka defeated Ryosuke Maruki via unanimous decision, whilst bantamweight Takahiro Yamamoto ended his fight with Rex Wao in the opening round.
Super flyweight Masayoshi Hashizume made it eleven straight wins as a pro when stopping Jakaphan Saengthong in five, whilst lightweight TaeSoo Kim, undefeated bantamweight Hayate Ikuta and female super bantamweight Tomoko Okuda all recorded victories on the card.