* Nikkei up 1.2 pct, on track to gain 9.7 pct on week
* Shares of Line debut 48 pct above IPO price
* Fast Retailing jumps on rise in Uniqlo store sales
By Shinichi Saoshiro
TOKYO, July 15 (Reuters) - Japan's Nikkei share average rose to a five-week high on Friday and was on track for a fifth day of gains, lifted by a continuing record run on Wall Street and a sagging yen.
At midday, the Nikkei was up 1.2 percent at 16,575.63 after touching 16,581.62, its highest since June 10.
The index was headed for a gain of about 9.7 percent this week, during which fiscal and monetary stimulus hopes, receding Brexit worries and a sliding yen boosted risk sentiment.
"Upbeat U.S. stocks and the yen's weakening are continuing to push the Nikkei higher," said Masahiro Ichikawa, a senior strategist at Sumitomo Mitsui Asset Management in Tokyo. "The Bank of England may have gone against expectations by standing pat on monetary policy, but it did leave the door open for a rate cut in August and spared the markets from confusion."
The BOE wrong-footed investors by keeping interest rates on hold on Thursday, but held out the prospect of a stimulus package soon to help the economy cope with Britain's decision to leave the European Union.
An attack in Nice, France that killed at least 75 people late on Thursday was taken in stride.
"We need to be aware of risk aversion if geopolitical risks show signs of spreading, but it won't negatively impact the financial system if such risks are geographically contained," Ichikawa said.
In their closely watched Tokyo debut, Line Corp shares opened at 4,900 yen ($46.17), 48 percent above their IPO price of 3,300 yen after the Japanese messaging app firm raised 115 billion yen from a dual New York-Tokyo listing. The stock was last at 4,680 yen.
Fast Retailing Co was up 16.3 percent after the operator of Uniqlo clothing stores posted a 18.6 percent rise in March-May operating profit.
Furthermore, Nomura Securities raised Fast Retailing to "buy" from "neutral," citing cost efficiency.
Lion Corp fell as much as 6.6 percent after Credit Suisse cut the home goods and toiletries company's rating to "neutral" from "outperform," saying that the target price was achieved.
The broader Topix and the JPX-Nikkei Index 400 each gained 0.9 percent to 1,322.75 and 11,886.93, respectively.
Financial stocks led the S&P 500 and the Dow industrials to record highs on Thursday after JPMorgan's strong quarterly results.
The dollar rose above 106 yen for the first time since the British referendum.
$1 = 106.1400 yen Editing by Richard Borsuk