Nikkei bounces to 5-wk high on Europe's stimulus hopes; US jobs eyed
* Nikkei rises 1.2 pct, Topix up 0.8 pct
* Markets cheer dovish guidance from European central bankers
* Investors await U.S. jobs data for Fed policy clues
TOKYO, July 5 (Reuters) - Japan's Nikkei share average climbed to a five-week high on Friday morning, supported by unexpectedly strong commitments to easy money policies by the European Central Bank and the Bank of England. The benchmark Nikkei gained 1.2 percent to 14,187.47 in midmorning trade, rising as high as 14,219.39 for the first time since May 29, while the broader Topix index advanced 0.8 percent to 1,180.05. "The market has welcomed the policy responses that European central bankers made overnight," said Kyoya Okazawa, head of global equities and commodity derivatives at BNP Paribas in Tokyo. Breaking away from its tradition never to precommit on policy, the ECB declared it would keep interest rates at record lows for an extended period and may even cut further. The Bank of England also cautioned investors they were being too quick to bet on higher UK rates. The upbeat mood masked the trepidation in markets as they waited for a crucial U.S. jobs report, which could either bolster or weaken the case for an imminent reduction of the Federal Reserve's massive bond-buying programme. "It is a bulk-buying of Nikkei futures that drives the shares higher. Many investors took a wait-and-see attitude ahead of the U.S. jobs data due later today," said Okazawa. The Fed's plan to rollback its stimulus in coming months if the U.S. economy recovered as it expected, and slowing growth in China, were key drivers behind the Nikkei's recent sharp selloff that at one point saw it slump into bear market territory. "Although a sense of 'wait-and-see' is going to prevail in the market, I think stocks will have solid downside support from the continued weak yen trend," said Masayuki Doshida, senior market analyst at Rakuten Securities. The Japanese currency was last traded at 100.34 yen to the dollar. The euro slid to a five-week low of $1.2884 to the dollar at one stage before steadying at $1.2910 in early Asian trade. TDK Corp, which has high exposure to Europe, added 3.1 percent. FamilyMart Co, the third-largest convenience store operator, fell 1.7 percent after its operating profit for its first quarter through May fell 6.9 percent to 10.2 billion yen ($102 million). The Nikkei has risen 15 percent since the Bank of Japan announced radical monetary stimulus on April 4 and is up 36 percent this year.