TOKYO, Nov 22 (Reuters) - Japan's Nikkei share average gained on Wednesday, rebounding from early declines as a weaker yen buoyed exporter shares, even as chip stocks dragged.

The Nikkei closed up 0.29% at 33,451.83. Of its 225 components, 171 stocks advanced, 52 fell and two traded flat.

The level puts it about halfway between the day's low point at 33,182.99, a one-week trough, and Monday's fresh post-1990 peak at 33,853.46.

The broader Topix added 0.44%.

"Japanese stocks have been stronger relative to others recently (and) a lot of people still want to buy Japanese stocks," said Naka Matsuzawa, a strategist at Nomura Securities.

At the same time, "it's kind of hard to draw a scenario for higher stock markets from here, because the market has already priced in quite aggressive rate cuts from the Fed," he said.

Traders place about 29% odds on a first Federal Reserve rate cut by March, according to the CME's Fedwatch tool.

The session's bounce may have been amplified by technical factors, with Japanese markets closed for a national holiday on Thursday.

Online company Cyberagent led Nikkei gainers with a 4.95% jump. Uniqlo owner Fast Retailing rose 1.26%, making it the biggest points gainer due to its heavy weighting.

Automakers were overall firm, with Subaru rallying 2.29% and truckmaker Isuzu climbing 1.92%.

Shippers led advances among the Tokyo Stock Exchange's 33 industry groups, followed by paper and pulp , gaining 1.8% and 1.34%, respectively.

However, chip shares were heavy amid weakness in Nvidia's shares.

Chip-testing equipment maker Advantest, a Nvidia supplier, dropped 4.33% to be the biggest points decliner. (Reporting by Kevin Buckland; Editing by Rashmi Aich and Mrigank Dhaniwala)