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 rose 0.92%. Chip-related Tokyo Electron and Advantest 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, Tokyo Tatemono and Sumitomo Realty & Development 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.

(Reporting by Junko Fujita; Editing by Mrigank Dhaniwala)