(Corrects 8th paragraph to show Nikkei Chicago futures were up from the Osaka close, not down) TOKYO, Nov 13 Japan's Nikkei share average is set to trade in a tight range on Tuesday after a subdued session on Wall Street, with exporters likely to stay weak on lingering concern about a U.S. fiscal policy standoff that threatens to push the country into recession. Market players said the Nikkei was likely to trade between 8,650 to 8,750 on Tuesday, after falling on Monday for a sixth consecutive session to its lowest close in four weeks. "Although worries about the U.S. economy may dampen investor appetite, Japanese stocks are relatively cheap, so there may not be heavy selling," said Hiroichi Nishi, general manager at SMBC Nikko Securities. The benchmark Nikkei is up 2.6 percent this year, trailing a 9.7 percent gain in the U.S. S&P 500 and a 10.2 percent rise in the pan-European STOXX Europe 600. Worries about the U.S. "fiscal cliff" - a series of budget cuts and tax hikes that will start to go into effect in the new year - have investors cautious because of the potential for harm to U.S. economic growth. Japanese equities carry a 12-month forward price-to-book ratio of 0.83, much cheaper than the S&P 500's 1.9 and STOXX Europe 600's 1.38, data from Thomson Reuters Datastream showed. The Nikkei fell 0.9 percent to 8,676.44 on Monday, and the broader Topix dropped 1.1 percent to 722.58. Nikkei futures in Chicago <0#NIY:> closed at 8,710, up from the close in Osaka of 8,690. > 'Fiscal cliff' standoff keeps Wall Street subdued > Euro flat vs dollar, near 2-month low on Greece concerns > U.S. bond market closed Veterans Day, to reopen Tuesday > Gold falls as euro zone worries trigger selling > Oil dips, 'fiscal cliff' outweighs geopolitical tension STOCKS TO WATCH --Hitachi Metals Ltd and Hitachi Cable Ltd Hitachi Ltd subsidiaries Hitachi Metals and Hitachi Cable plan to merge in April, creating a materials producer with businesses ranging from automotive and electronics parts to fibre optics, the Nikkei business daily reported. --Panasonic Corp Panasonic unit Sanyo Electric Co is in talks to sell its digital camera business to an investment fund as early as this year, the Nikkei business daily said. (Reporting by Ayai Tomisawa; Editing by Edmund Klamann)
Our top photos from the last 24 hours.