Nikkei rises to highest close in nearly three weeks

TOKYO, Feb 26 (Reuters) - Japan’s Nikkei rose to its highest close in almost three weeks on Friday after risk sentiment recovered on a steadily weakening yen and overnight gains on Wall Street.

The Nikkei share average edged up 0.30 percent to 16,188.41 for its highest close since Feb. 8. Japan’s benchmark index added about 1.4 percent for the week.

Investors focused on a two-day G20 meeting that began in Shanghai Friday morning. Traders said they are looking for a coordinated policy response to combat recent turmoil brought on by fits of volatility in oil prices, swings in foreign exchange markets and fears of a global slowdown.

Sharp Corp tumbled 11.4 percent after Foxconn put its $5.8 billion takeover deal with the loss-making electronics firm on hold over what sources said were previously undisclosed liabilities amounting to around 300 billion yen ($2.66 billion).

Over the past two days, Sharp’s stock price has lost more than 20 percent.

The broader Topix rose 0.3 percent to end the day at 1,311.27 with all but 10 of its 33 subindexes in positive territory. The index ended the week 1.5 percent higher.

The JPX-Nikkei Index 400 climbed 0.4 percent to 11,883.82. ($1 = 112.6100 yen) (Editing by Richard Borsuk)