(Updates with closing prices)

TOKYO, March 3 (Reuters) - Japan's Nikkei share average

ended more than 1% higher on Monday, rebounding from a

five-month low in the previous session, underpinned by Wall

Street's strong finish last week and a weaker yen.

The Nikkei jumped 1.7% to 37,785.47 and the broader

Topix climbed 1.77% to 2,729.56.

"The Nikkei fell to a level that prompted investors to scoop

up stocks," said Kiyohide Nagata, chief strategist at Tokai

Tokyo Intelligence Laboratory.

"The Nikkei could have continued falling today but it didn't

despite weak demand from foreign investors. That is because

there was a demand for corporate share buybacks."

Japanese firms are buying back their shares at a record

level to boost returns for their shareholders. Recruit

jumped 6.93% after the staffing agency said it would buy back as

much as 3.5% of its outstanding shares.

Japanese stocks saw the largest foreign outflow in nearly

five months in the latest week, hit by a stronger yen, rising

inflationary concerns, and uncertainties over U.S. tariff

policies. The index lost 6% in February in its biggest monthly

loss in more than two years.

The yen fell to as low as 151 yen to the dollar on

Monday, after hitting an over 2-1/2 month high last week. A

weaker local currency tends to boost exporters' shares, as it

increases the value of overseas profits in yen terms when firms

repatriate them to Japan.

Uniqlo-brand owner Fast Retailing ( FRCOF ) rose 3.3% to

become the biggest boost for the Nikkei.

Toyota Motor ( TM ) jumped 3.94% to become the biggest

support for the Topix.

Seven & i Holdings ( SVNDF ) rose 2.38% after a report that

the retail giant is finalising a plan for its president to step

down and be replaced by its first foreign chief.

All of the Tokyo Stock Exchange's 33 industry sub-indexes

rose, with the services sector rising 3.26% to become

the top performer.

(Reporting by Junko Fujita; Editing by Rashmi Aich and Mriank

Dhaniwala)