TOKYO, Nov 22 (Reuters) - Japanese shares rose on Tuesday, as the yen's weakness against the dollar raised prospects of a better outlook for domestic manufacturers, while drugmaker Shionogi & Co jumped on hopes of efficacy approval of its COVID-19 drug.

By 0150 GMT, the Nikkei share average was up 0.77% to 28,160.57, while the broader Topix had gained 1.22% 1,996.59.

"There were no specific market-moving cues but investors liked the yen's weakness. Investors probably bought back stocks to cover their short positions ahead of a market holiday tomorrow as the yen may weaken further after comments from the Federal Reserve," said Yutaka Miura, a senior technical analyst at Mizuho Securities.

"But U.S. equities could fall if the markets find any hawkish remarks from the Fed officials, which may trigger a sell-off of Japanese futures on Friday."

Japanese markets will be closed on Wednesday for a local holiday, while the U.S. markets will be closed for the Thanksgiving holiday on Thursday.

The Fed's latest meeting minutes is due in this holiday-shortened week.

The U.S. dollar advanced against most major currencies overnight, recouping recent losses, as traders shunned riskier currencies over concerns about the global economic outlook from the COVID-19 curbs in China.

In Japan, Shionogi jumped 3.01% after the Yomiuri newspaper reported the country's regulatory agency had compiled a report confirming the possible efficacy of the drugmaker's the company's COVID-19 drug.

All the 33 industry sub-indexes on the Tokyo Stock Exchange rose. The utility sector led the gains with a 2.51% rise. The pharmaceutical sector rose 2.02%.

Heavyweight chip-related Advantest and Tokyo Electron slipped 0.99% and 0.29%, respectively. (Reporting by Junko Fujita; editing by Uttaresh.V)