Nikkei edges up, Fast Retailing shines on solid sales
* Fast Retailing contributes hefty gains to Nikkei
* For the week, Nikkei has shed 1 pct
* Takata soars on investment hopes
By Ayai Tomisawa
TOKYO, June 3 (Reuters) - Japanese stocks rose on Friday morning, supported by gains on Wall Street and a sharp jump in index-heavy Fast Retailing after the clothing retailer posted strong monthly sales.
The Nikkei advanced 0.5 percent to 16,646.55 in midmorning trade after suffering its biggest daily percentage drop in a month on Thursday. For the week, the benchmark index has shed 1.0 percent.
Trading is expected to be subdued before the outcome of the U.S. jobs report later in the day as investors continue to assess the prospects of the Federal Reserve hiking interest rates at its June 14-15 meeting.
Data on Thursday showed U.S. private employers increased hiring in May and new applications for jobless benefits fell last week, further boosting the economic outlook for the second quarter.
Domestically, the focus will be on how the dollar-yen responds to key events in coming weeks, including Fed policy, the Bank of Japan's rate review this month and the June 23 referendum to decide whether Britain should stay in or exit the European Union. Continuación...