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Nikkei edges up after Wall Street rises; Apple suppliers outperform

* 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 national holiday.

"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 meeting,

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 11,711.99.

(Editing by Simon Cameron-Moore)

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