UPDATE 1-Toyota to invest in Mitsubishi Heavy jet-Asahi

(Updates with company comments)

TOKYO, March 5 (Reuters) - Toyota Motor Corp (7203.T: Quote, Profile, Research) will likely invest about 10 billion yen ($97 million) in Mitsubishi Heavy Industries Ltd's (7011.T: Quote, Profile, Research) passenger jet project, the Asahi newspaper reported on Wednesday.

The investment would mark Toyota's first entry into the aircraft industry, the paper said.

Toyota spokesman Taro Takada said he was checking on the report and could not comment further.

Mitsubishi Heavy spokesman Hideo Ikuno said the company had reached out to several firms to put money into the project but could not confirm if Toyota would invest.

Mitsubishi, Japan's largest heavy machinery maker, is planning to launch a 150 billion yen regional jet project, dubbed Mitsubishi Regional Jet (MRJ). It aims to start operating the jets, which will seat 70-90 passengers, in 2012. ($1=103.33 Yen)

(Reporting by Nathan Layne)