GLOBAL MARKETS-Japan Leads Asia Stock Rally, Dollar Gains After Blowout US Payrolls

STOCK MARKET - TOKYO. 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.S. Treasury yields rose after the closely watched non-farm payrolls report on Friday showed the economy unexpectedly added the most jobs in six months in September.