Nikkei rises as China sets yuan rate higher
(Adds dropped word "said" in paragraph 6)
* Nikkei has fallen 6 pct for the week
* China woes, geopolitical tensions will likely persist - traders
* Fast Retailing contributes hefty negative points to Nikkei after cutting outlook
By Ayai Tomisawa
TOKYO, Jan 8 (Reuters) - Japan's Nikkei share average rose for the first time in five days on Friday in volatile trade after China set the yuan's midpoint rate higher and Chinese stock markets rebounded, easing some pressure on battered global markets.
The Nikkei rose 0.8 percent to 17,902.97 points by midmorning, after falling to as low as 17,509.64 earlier, the lowest level since Oct. 1.
But Fast Retailing Co, operator of Uniqlo clothing stores, capped the Nikkei's gains. It tumbled 5.8 percent and sliced a hefty 90 points off the Nikkei after it cut its full-year outlook.
The Nikkei has already fallen 6.0 percent for the week, hit by a slew of negative catalysts ranging from China's currency woes and slumping stock markets to escalating tensions in the Middle East and a North Korea nuclear test. Continuación...