Nikkei up 1.5 pct as US consumer confidence improves

* Exporters gain on U.S. consumer confidence data jump

* Market takes large fall in Japan exports in stride

* Industrial production data on Friday eyed

By Shinichi Saoshiro

TOKYO, May 27 (Reuters) - Japan's Nikkei stock average gained 1.5 percent on Wednesday after U.S. consumer confidence put in its biggest monthly jump in six years, boosting hopes of improvement in the U.S. and the global economy.

Exporters such consumer electronics maker Panasonic (6752.T) and Toyota Motor Corp (7203.T), which have been hurt badly by the slump in U.S. demand for Japanese goods, advanced, while chip stocks also jumped on a climb in the Philadelphia Semiconductor Index .SOXX.

The Conference Board, an industry group, said on Tuesday its index of consumer attitudes jumped to 54.9 in May from a revised 40.8 in April, well above forecasts centered around 42.0, helping push U.S. stocks more than 2 percent higher. [.N] [ID:nN26489555]

"Stocks are responding positively to yesterday's gains by their U.S. peers while taking in stride the significant fall in exports, which was well anticipated," said Takahiko Murai, a general manager of equities at Nozomi Securities.

Data released on Wednesday showed Japan's exports fell 39.1 percent in April from a year earlier, though at a slower pace than in March or forecast by economists. [JPEXPY=ECI]

The benchmark Nikkei .N225 rose 135.99 points to 9,446.80 after touching 9,463.14. The broader Topix climbed 1.2 percent to 894.14.

Analysts said the stock market was also lifted by prospects of investor money flowing in for domestic mutual fund launches.

But the Nikkei's upside was capped as potentially negative factors continued to linger in the background.

U.S. carmaker General Motors (GM.N) faces a June 1 deadline to work out issues with its creditors if it wants to avoid a bankruptcy filing.

The market is also keeping an eye on geopolitical risks after North Korea conducted nuclear experiments and test fired missiles this week, although the Nikkei has held up well despite North Korea's actions.

"The Nikkei's rise today can be attributed for the most part to the rally in the U.S. stock market. There is also a dearth of positive short-term domestic factors which is preventing the index from topping 9,500," said Masayoshi Okamoto, head of dealing at Jujiya Securities.

"Fresh incentives from the domestic front may be needed for a break above 9,500. Friday's industrial production data is being awaited for fresh hints of an economic recovery."