Asian stocks rise on US labor data

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

US Treasury yields touched two-month highs, extending their rise after the closely watched non-farm payrolls report on Friday showed the economy unexpectedly added the most jobs in six months in September.

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