Asian stocks rallied and the dollar reached a fresh seven-week peak on the yen on Monday after blowout U.S. labour market data dispelled fears of a recession and spurred a sharp paring of rate-cut bets.

Asian equity markets saw a strong rally on Monday, with Japan's Nikkei 225 (.N225) leading the charge, rising 2%.

Asian shares advanced Monday after a surprisingly strong U.S. jobs report raised optimism about the economy, sparking a rally on Wall Street. U.S. futures slipped and oil prices also fell. Japan's Nikkei 225 index gained 1.

Asian stocks rallied and the dollar reached a fresh seven-week peak on the yen on Monday after blowout U.S. labour data dispelled fears of a recession and spurred a sharp paring of rate-cut bets. Short-term U.

Most Asian stocks are set to open higher in early trading after strong US jobs data underscored the health of the world’s largest economy and boosted soft landing hopes.