* Nikkei has dropped 2.9 pct for the week
* Investors adjust positions before 3-day weekend
* Banks rebound after falling for 4 days
By Ayai Tomisawa
TOKYO, Sept 16 Japanese stocks edged up on
Friday morning after U.S. shares rose, while Apple-related
stocks outperformed after the iPhone maker said initial
quantities of the iPhone 7 Plus have sold out globally.
Apple Inc suppliers attracted buying, with Murata
Manufacturing Co jumping 3.9 percent, Alps Electric
surging 5.8 percent and TDK Corp soaring 4.1
percent, outperforming the overall market.
The Nikkei share average gained 0.4 percent to
16,473.47 in midmorning trade. But for the week, the benchmark
index has fallen 2.9 percent, hit by uncertainty over what
monetary actions the U.S. Federal Reserve and Bank of Japan
might, or might not, take at their policy meetings next week.
Financial markets are closed on Monday in Japan for a
"Investors are adjusting their positions today and they are
buying back recently battered financial stocks, but they still
remain risk averse before the big events next week," said Takuya
Takahashi, an equity strategist at Daiwa Securities.
U.S. stocks rose after weak economic data further reduced
expectations that the Fed will raise rates next week. Data
showed retail sales and industrial activity fell more than
expected in August.
Investors remain cautious as the BOJ is expected to announce
the outcome of its comprehensive review of its policy at its
Both the U.S. and Japanese central banks are holding their
polciy meetings on Sept. 20-21.
BOJ sources have said the central bank is considering ways
to steepen the yield curve as a means to reduce short-term costs
for businesses while protecting Japanese banks.
The banking sector had been sold for the past
four days, but it rebounded on Friday and was the best performer
on the board. Mitsubishi UFJ Financial Group soared 2.5
percent, Sumitomo Mitsui Financial Group gained 2.3
percent and Mizuho Financial Group rose 1.8 percent.
Exporters were mixed, with Toyota Motor Corp
falling 1.0 percent, Honda Motor Co shedding 0.2
percent and Nissan Motor Co gaining 0.4 percent.
The broader Topix gained 0.4 percent to 1,305.90 and
the JPX-Nikkei Index 400 rose 0.4 percent to
(Editing by Simon Cameron-Moore)