Tokyo stocks open up 0.39%

Tokyo stocks opened 0.39 percent higher Tuesday after slipping the previous day on persistent fears about the looming US "fiscal cliff" of spending cuts and tax hikes. The Nikkei 225 index at the Stock Exchange, which fell 0.93 percent Monday, was up 34.08 points at 8,710.52 at the start. The benchmark index is likely to remain rangebound with an upward bias Tuesday after US markets ended little moved, with bond markets and government offices closed for the annual Veterans Day holiday, brokers said. "It's probably not prudent to expect too much investor participation in today's market, given the overseas holiday as well as the prevailing political stalemate over the US 'fiscal cliff' budget impasse," said Hiroichi Nishi, general manager of equities at SMBC Nikko Securities. Currency markets did not move much, either, he noted. "We can rely on fundamentally cheap stock valuations to provide a measure of support, however. There is just not too much more easy downside at present prices," he told Dow Jones Newswries. The euro held steady after eurozone finance ministers decided to meet again on November 20 on Greece after talks on Monday. Greece has made progress on its debt bailout targets but the ministers will have to meet again to clear the way for its next aid tranche, Eurogroup head Jean-Claude Juncker said Monday. The single currency bought $1.2705 and 101.08 yen in early Asian trade, compared with $1.2709 and 101.02 yen in New York late Monday. The dollar was at 79.57 yen against 79.49 yen. The Dow Jones Industrial Average lost 0.23 points to 12,815.16.