TOKYO, Jan 17 (Reuters) - Japan"s Nikkei index closed higher on Monday, boosted by chipmakers as they tracked firmer U.S. peers, with Uniqlo store operator Fast Retailing"s jump for a second day supporting markets further. The Nikkei (.N225) ended 0.74% higher at 28,333.52, rebounding after touching its lowest intraday level since Dec. 6 on Friday at 27,889.21. About 3 stocks advanced for every one that fell on the benchmark index. The broader Topix (.TOPX) added 0.42%. The Topix growth share index (.TOPXG) added 0.36%, after dipping to its lowest intraday level since mid-August at the end of last week. The value index (.TOPXV) gained 0.55%, and touched its highest intraday level since late September. "Over-sold growth stocks are being bought back," said Naoki Fujiwara, a fund manager at Shinkin Asset Management. "At the same time, the shift from growth stocks to value stocks is also continuing." Fast Retailing"s (9983.T) 1.86% rally made it the Nikkei"s biggest gainer by index points, continuing its rally after reporting estimate-topping earnings. Chip giants Tokyo Electron (8035.T) and Advantest , rose 0.44% and 0.65%, respectively. Peer Renesas (6723.T) rose 2.09%. On Friday, the Philadelphia SE Semiconductor Index jumped 2.33%. Wall Street is shut on Monday for a national holiday. In addition, local media reported that the Japanese government will set up a subsidy program to assist companies developing chips, large-capacity batteries and other strategic products. SoftBank Group (9984.T) and Toyota Motor (7203.T) also helped the Nikkei higher, with respective 0.60% and 1.38% advances. Nintendo (7974.T) gained 1.66%. The Nikkei"s worst performer was Toho Zinc (5707.T), with a 4.50% slide, followed by delivery company Yamato Holdings (9064.T), which lost 2.83%, and Hitachi , which fell 2.59%. Reporting by Tokyo markets team; Editing by Rashmi Aich and Uttaresh.V Our Standards: The Thomson Reuters Trust Principles. More from Reuters