Nikkei up but top-heavy, exporters and NEC gain

* Nikkei up but top-heavy before U.S. jobs data

* NEC surges after share sale news on short-covering

* Pioneer climbs on ratings hike, cut in fund-raising

By Elaine Lies

TOKYO, Nov 6 (Reuters) - Japan's Nikkei stock average rose 0.9 percent on Friday as exporters such as Canon Inc (7751.T: Quote, Profile, Research) climbed after good U.S. job news renewed hopes about the pace of economic recovery, with tech shares up after gains by their U.S. peers.

Pioneer Corp (6773.T: Quote, Profile, Research) advanced 8 percent to 244 yen after UBS upgraded the consumer electronics company to "neutral" from "sell" after it said on Thursday that it needs to raise less funds than previously planned.

But the market's gains were limited by wariness ahead of U.S. jobs data due on Friday as well as by longer-term uncertainty about the Japanese market, which some analysts said reflected concern about more potential corporate fundraising. "Japanese shares aren't rising compared to the rest of Asia because there aren't a lot of merits for investors, they aren't going to make money due to fundraising," said Tomomi Yamashita, a fund manager at Shinkin Asset Management. "As long as this funding risk is there, nobody's going to want to buy even with good earnings results. They'll just buy companies that are fiscally sound."

In one example, T&D Holdings Inc (8795.T: Quote, Profile, Research) dropped 11 percent to 2,115 yen, becoming the biggest drag on the Nikkei 225, after the insurance company gave notice on Thursday that it may raise up to 120 billion yen ($1.3 billion) to repay debt by selling new shares. [ID:nT182153]

The benchmark Nikkei .N225 rose 84.81 points to 9,802.25 on Friday after marking a one-month closing low on Thursday, and it looked headed for its second straight week of falls.