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Asian Stocks saw a boost and the dollar climbed to a seven-week high against the yen on Monday following strong U.S. labor data that dispelled concerns of a recession and led to a reduction in rate-cut expectations.

After the non-farm payrolls report showed the U.S. economy added more jobs than expected in September, short-term U.S. Treasury yields rose. Gold prices retreated from a one-month peak despite ongoing conflict in the Middle East.

Japanese Stocks led the gains in the region with a 2% rise, supported by a weaker yen. Other Asian markets also saw increases, with Australia’s benchmark adding 0.12% and South Korea’s Kospi gaining 0.29%.

The broader Asia-Pacific shares index climbed 0.4%, while U.S. stock futures pointed to a 0.08% increase after reaching a record high on Friday.

The U.S. dollar strengthened against the yen, reaching 149.10 yen, its highest level since August. The euro edged lower to $1.0971, approaching a seven-week low.

Market expectations for a 50-basis-point rate cut by the Federal Reserve in November were completely erased after the strong jobs report. Instead, traders now anticipate a quarter-point cut with a small chance of no change in policy rates.

Crude oil prices dipped after posting their largest weekly gains in over a year amid escalating tensions in the Middle East.

Brent futures fell 65 cents to $77.40 per barrel, while U.S. West Texas Intermediate crude futures dropped 53 cents to $73.85 per barrel.

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