Tokyo stocks open up 0.67%

Tokyo stocks opened 0.67 percent up on Thursday after US stocks gained ground overnight amid easing concerns over automatic spending cuts and tax hikes in the United States. The Nikkei 225 index at the Tokyo Stock Exchange was up 61.94 points at 9,370.29 at the start. The Nikkei rose in early trade after US stocks scored solid gains on Wednesday, spurred by encouraging remarks by politicians on averting looming tax hikes and spending cuts that could harm the economy. "The market will continue reacting at every turn of events over the fiscal cliff," Kenichi Hirano, market analyst at Tachibana Securities, told Dow Jones Newswires. The Dow Jones Industrial Average climbed 106.98 points (0.83 percent) to 12,985.11 on Wednesday, snapping two days of losses. The S&P 500-stock index gained 10.99 (0.79 percent) at 1,409.93, while the Nasdaq Composite added 23.99 (0.81 percent) at 2,991.78.