* Insurers, banks and exporters rise
* TDK soars after JV foundation announcement with Toshiba
By Ayai Tomisawa
TOKYO, Sept 5 Japan's Nikkei climbed to more
than a three-month high on Monday morning as a weaker yen lifted
hopes that exporters' earnings will recover after data showing
slower than expected U.S. jobs growth still left intact
expectations for a U.S. rate hike this year.
The Nikkei rose 1.3 percent to 17,142.32 in mid
morning trade after hitting as high as 17,146.91, the highest
level since May 31.
Nonfarm payrolls rose by 151,000 jobs last month, the Labor
Department said on Friday, below the 180,000 jobs that
economists had expected.
The dollar quickly jumped back to 103.74 yen after
having fallen to 102.80 yen following the underwhelming U.S.
Although the data reduced chances of an imminent U.S. rate
increase, a Federal Reserve official's hawkish comments kept the
door open for an increase later this year.
"For Japanese stocks, the result turned out to be positive
after U.S. stocks rose and the yen weakened," said Takuya
Takahashi, a strategist at Daiwa Securities.
He said that expectations that Japan Inc.'s earnings will
gradually recover on a weak yen may support the market for the
Insurance stocks, banks and exporters attracted buying, with
Dai-ichi Life Insurance rising 2.6 percent and Sompo
Japan Nipponkoa Holdings surging 2.7 percent.
Mitsubishi UFJ Financial Group rose 2.3 percent and
Nissan Motor Co gained 1.6 percent.
On the other hand, the food sector underperformed, with
Kikkoman Corp falling 0.6 percent and Ajinomoto Co
dropping 0.8 percent.
Meanwhile, TDK Corp jumped 7.6 percent after saying
that it and Toshiba Corp have agreed to establish joint
venture TDK Automotive Technologies Corp to co-develop
automotive inverters for hybrid vehicles.
The broader Topix gained 1.0 percent to 1,353.93 and
the JPX-Nikkei Index 400 added 1.0 percent to
(Editing by Simon Cameron-Moore)