Tokyo stocks erase early losses on yen weakness

Tokyo - Tokyo stocks rebounded on Monday morning, with struggling Toshiba rallying after saying it plans to announce a delayed earnings report this week.

The rise comes after Friday's US jobs reports came in well above forecasts, reinforcing expectations for a US interest rate hike this week, and followed by several more later in the year.

The figure sent the dollar up against the yen - a plus for Japanese shares.

The greenback was trading at ¥114.85 on Monday, up slightly from ¥114.78 in New York, although down from levels above ¥115 seen earlier Friday in Asia.

"Even though the dollar hit above ¥115 last week, the US jobs data confirmed the resilient American economy and market environment is not so bad," said Hideyuki Suzuki, head of investment information research department at SBI Securities.

Tokyo's benchmark Nikkei 225 index edged up 37.40 points, to 19 642.01 by the>

Toshiba jumped 3.60% to ¥215.8 after a report said the company will announce its earnings on Tuesday, which was later confirmed by a company spokesman.

The firm was due to release the results for October-December last month but the company delayed as it investigates a possible accounting fraud at its US nuclear unit Westinghouse Electric, which has been hit by massive losses.

Panasonic was up 0.23% at ¥1 287.5 and Sharp jumped 3.93% to ¥397.

Mobile giant SoftBank rose 0.85% to ¥8 436 while Fast Retailing was down 0.84% at ¥36 530.

Energy explorer Inpex ticked up 0.13% to ¥1 114, despite falling oil prices, while Japan Petroleum Exploration was down 0.90% at ¥2 638.