TOKYO, Oct 24 (Reuters) - Japan's Nikkei share average snapped three consecutive sessions of declines on Tuesday in a volatile session, as investors scooped up beaten down stocks on dips.

The Nikkei rose 0.2% to close at 31,062.35, after falling as much as 1.4% earlier in the session.

The Nikkei opened 0.51% higher but reversed course as shares of Nidec tanked after the electric motor maker retained its annual profit outlook despite higher quarterly earnings.

"As the Nikkei fell below 31,000, investors turned cautions that shares were oversold, and they scooped up stocks," said Shoichi Arisawa, general manager of the investment research department at IwaiCosmo Securities.

"But the market overall had no clear directions amid uncertainties outside Japan," said Arisawa.

Rising U.S. Treasury yields weighed on sentiment as the 10-year yield rose above 5% overnight to hit the July 2007 milestone.

Japan's 10-year bond yield rose in early trade but retreated after the Bank of Japan announced an emergency bond buying.

Markets also remain worried that the Israel-Hamas war could escalate into a wider conflict in the oil-exporting region.

Among individual stocks, Uniqlo brand owner Fast Retailing rose 1.74% to become the biggest boost for the Nikkei. Technology start-up investor SoftBank Group gained 1.68%.

Chip-making equipment maker Advantest cut early losses to end 0.63% higher.

Nidec tumbled 10.52% to become the worst performer on the Nikkei, with some analysts saying the unchanged profit outlook of 220 billion yen ($1.47 billion) for the year to March 2024 came short of market consensus.

The broader Topix inched up 0.09% to 2,240.73 after touching its lowest since June 8. (Reporting by Junko Fujita; Editing by Subhranshu Sahu and Varun H K)