TOKYO, March 29 (Reuters) - Japan's Nikkei share average

rose on Friday, rebounding from sharp losses in the previous

session, as market players cheered a weaker yen as the currency

steadied after hitting a three decade-low.

The Nikkei had risen 0.74% to 40,466.82 by the

midday break and is set to post a 1% loss this week.

The broader Topix had risen 0.81% to 2,773.14 and is

poised to lose 1.4% for the week.

"The market rebounded from yesterday's loss which was driven

by some technical issues," Fumio Matsumoto, chief strategist at

Okasan Securities said.

"Investors remain cautious over a possible intervention in

the currency market but overall they take the weak yen as a

positive factor for domestic stocks."

The Nikkei ended down 1.46% on Thursday, as numerous stocks

were discounted for dividend rights before the fiscal year end.

The markets were also cautious over a potential currency

intervention to shore up the yen after the currency

fell to a 34-year low against the dollar this week.

The yen was last traded at 151.34, gaining 0.03%

against the dollar.

Uniqlo-brand owner Fast Retailing ( FRCOF ) rose 0.92%.

Chip-related Tokyo Electron ( TOELF ) and Advantest ( ADTTF ) rose

0.82% and 0.97%, respectively.

The property sector jumped 3.12% to become the

top performer among the Tokyo Stock Exchange's 33 industry

indexes.

Mitsui Fudosan ( MTSFF ), Tokyo Tatemono ( TYTMF ) and

Sumitomo Realty & Development ( SURDF ) were among the top five

performers on the Nikkei, rising around 4% each.

The sector has gained nearly 18% so far this month, the most

among others sectors, underpinned by a government survey

released this week showing the country's land prices rose at the

fastest pace in 33 years in 2023.

Optimism that the Bank of Japan will not raise interest

rates rapidly supports their stock prices, Okasan Securities

Matsumoto said.