The Japanese stock market is rising on Monday with investor sentiment bolstered by the gains on Wall Street Friday on the back of upbeat U.S. jobs data for the month of May. Exporters' shares were also lifted by a weaker yen.

The benchmark Nikkei 225 Index is gaining 280.32 points or 1.26 percent to 22,451.67, off a high of 22,456.69 earlier.

Among the major exporters, Mitsubishi Electric is rising more than 3 percent and Sony is higher by more than 2 percent. Panasonic and Canon are advancing more than 1 percent each.

Automaker Toyota is rising more than 3 percent and Honda is adding more than 2 percent. In the banking sector, Mitsubishi UFJ Financial is advancing almost 2 percent and Sumitomo Mitsui Financial is up more than 1 percent.

Among oil stocks, Inpex is losing almost 2 percent and Japan Petroleum Exploration is down almost 1 percent after crude oil prices fell Friday.

Among the market's best performers, Olympus Corp. is rising almost 5 percent, while Sumitomo Metal Mining, TDK Corp. and Tokai Carbon are gaining more than 4 percent each.

On the flip side, Chiyoda Corp. is losing almost 2 percent, while Yahoo Japan and Furukawa Electric are declining more than 1 percent each.

In economic news, the Bank of Japan said that the monetary base in Japan was up 8.1 percent on year in May, coming in at 492.969 trillion yen. That follows the 7.8 percent increase in April.

In the currency market, the U.S. dollar is trading in the upper 109 yen-range on Monday.

On Wall Street, stocks closed higher on Friday after a Labor Department report showed stronger than expected job growth in the month of May. Non-farm payroll employment surged up by 223,000 jobs in May after climbing by a downwardly revised 159,000 jobs in April.

The Dow advanced 219.37 points or 0.9 percent to 24,635.21, the Nasdaq spiked 112.21 points or 1.5 percent to 7,554.33 and the S&P 500 surged up 29.35 points or 1.1 percent to 2,734.62.

The major European markets also moved to the upside on Friday. While the French CAC 40 Index jumped by 1.2 percent, the German DAX Index advanced by 1 percent and the U.K.'s FTSE 100 Index rose by 0.3 percent.

Crude oil futures closed lower Friday as an upbeat jobs report lifted the dollar and dented commodities. July WTI oil fell $1.23 or 1.8 percent to settle at $65.81 a barrel on the New York Mercantile Exchange.