TOKYO, Nov 24 (Reuters) - Japan's Nikkei share average hit its highest level in more than two months on Thursday, after Wall Street gained overnight on hopes for slower pace of interest rate hikes by the U.S. Federal Reserve.

By 0216 GMT, the Nikkei index had climbed 1.2% to 28,450.31, after rising to 28,502.29, its highest since Sept. 13. The broader Topix had gained 1.3% to 2,020,76. Wall Street's main indexes ended overnight with solid gains after the Fed's November meeting minutes showed interest rate hikes may slow soon.

"There was an expectation that the Fed would slow its pace of rate hikes, which raised sentiment. And global investors also targeted Japanese shares," said Chihiro Ohta, assistant general manager at the investment research and investor services at SMBC Nikko Securities.

The readout of the Nov. 1-2 meeting, at which the Fed raised its key rate by 75 basis points for the fourth straight time in an effort to combat decades-high inflation, showed officials were largely satisfied they could stop front-loading the rate increases and move in smaller steps.

In Japan, chip-related heavyweights provided the biggest boost to the Nikkei, with Tokyo Electron and Advantest climbing 3.44% and 4.0%, respectively.

Air-conditioner maker Daikin Industries 2.23%.

Cyber Agent, which broadcast World Cup soccer games on internet for free, surged 7.44% after Japan made a stunning 2-1 upset over four-times champions Germany in their World Cup Group E opener on Wednesday.

Shionogi & Co rose as much as 5.9% in early trade after Japan on Friday said it would grant emergency approval to the drugmaker's COVID-19 drug. It was last up 1.67%.

Shipping firms jumped 5.4%, leading the gains among Tokyo Stock Exchange's 33 industry sub-indexes.

Nippon Yusen jumped 6.62% and Mitsui O.S.K. Lines Ltd advanced 4.16%. (Reporting by Junko Fujita; Editing by Rashmi Aich)