TOKYO, July 8 (Reuters) - Japan's Nikkei rose on Friday, with heavyweight chip-related stocks tracking overnight Wall Street gains, after less hawkish comments from Federal Reserve officials eased concerns about U.S. recession.

By 0212 GMT, the Nikkei share average had risen 1.4% to 26,871.30 and is set to post a 3.45% weekly gain. The broader Topix was up 1.31 % to 1,906.09 and on course to post 3.3% jump for the week.

"Japanese shares were underpinned by overseas elements only. A view that U.S. economy will make a soft landing boosted sentiment on Friday," Shuji Hosoi, senior strategist at Daiwa Securities.

"We saw no market moving catalysts inside Japan."

Wall Street benchmarks rose overnight, with the S&P 500 and Nasdaq recording their fourth successive higher closes, as traders leaned in to U.S. equities after the Federal Reserve hinted at a more tempered program of interest rate hikes.

Governor Christopher Waller called U.S. recession fears "overblown," signalling for a July 75-basis-point interest rate hike followed by a 50-basis-point hike in September, and possibly 25 after that unless inflation persists.

St. Louis Fed Bank President James Bullard said he sees a "good chance" of a soft landing for the economy.

Uniqlo owner Fast Retailing rose 2.04% and was the biggest boost for the Nikkei, followed by chip-related stocks with Tokyo Electron's 3.22% gain and Advantest jumpimg 3.78%.

Non-ferrous metals makers rose 3.97% after Reuters reported that China will set up a state infrastructure investment fund worth 500 billion yuan ($74.69 billion) to spur infrastructure spending.

Sumitomo Metal Mining jumped 6.92% and Mitsubishi Materials advanced 4.38%.

Seven & i Holdings erased most of early gains to edge up 0.15% after convenience store chain raised its full-year profit forecast.

Kewpie lost 3.45% after the mayonnaise maker reported declines in profits after raising prices. (Reporting by Junko Fujita; Editing by Rashmi Aich)