Japan's Nikkei edges higher amid weaker yen as US jobs data looms

By Kevin Buckland TOKYO, April 7 (Reuters) - Japan's Nikkei share average gained on Friday, trimming its weekly decline, as a weaker yen and higher Wall Street close overnight boosted sentiment. However, with crucial U.S. jobs data due later in the day, and most major markets shut for Good Friday, investors were loath to chase the market higher, and the equity benchmark ended the morning session well back from early highs. The Nikkei rose 0.15% to 27,512.81, after earlier touching 27,591.15. In the first week of Japan's new fiscal year, the index reached a nearly one-month high of 28,287.42 on Tuesday, only to then slide with global equities as a spate of weak U.S. economic data fueled worries about a recession. It's on track for a 1.9% weekly decline, its first losing week in three. The broader Topix gained 0.33% to 1,967.69 on Friday, but remained on track for a 1.8% loss for the week. Fears that the Federal Reserve has overdone its tightening campaign has magnified the importance of the monthly non-farm payrolls report later in the day, although U.S. financial markets will be shut for the holiday. Provided the employment data doesn't prove game-changing, however, Nomura Securities expects the Nikkei to move in a narrow range next week, sandwiched between the 25- and 200-day moving averages. "The topside is heavy, but the bottom is firm," said Nomura strategist Kazuo Kamitani. Although the United States also has consumer price data next week, Japanese stocks have become less sensitive to U.S. inflation indicators, he said. The safe-haven yen retreated overnight after reaching its strongest level since March 28 earlier in the week, and traded little changed on Friday at 131.67 per dollar . That helped automakers in particular, with Mazda rising 1.5% and Subaru gaining 1.58%. Toyota added 0.33%. Banking was the best performer among the Tokyo Stock Exchange's 33 industry sectors, jumping 1.46%. A standout loser though was Seven & i Holdings , operator of the 7-Eleven chain in Japan, which dropped 3.24% after disappointing earnings results. (Editing by Uttaresh Venkateshwaran)