By Brad Frischkorn TOKYO--Tokyo stocks rose sharply Friday as a stronger dollar and hopes for a solid U.S. economic recovery lifted risk sentiment, helping shares regain some of the losses sustained earlier in the week. But Friday's 2.2% gain still left the Nikkei Stock Average down for the fifth straight week as equities in Japan continue their miserable start to 2014. Stock buying was enthusiastic during the session after overnight U.S. indexes booked some of their best points gains of the year following data that revealed a bigger-than-expected drop in January U.S. weekly jobless claims last week. The dollar also rebounded through the Y102 mark. A higher dollar is better for Japanese exporters as it boosts the yen value of their earnings overseas, while enabling them to price their goods more competitively abroad. The greenback was still trading well above Y102 as of the close of TSE trading at 0600 GMT. "The labor data gave some hope that the U.S. economic recovery might still be on track," said kabu.com chief strategist Tatsunori Kawai. "With Nikkei price-to-earnings multiples averaging around 14.0 times earnings, Japan shares still look fairly cheap, and the 14,000 mark looks like the hard floor for now," he said. The corresponding price-to-earnings ratio for the U.S. stock market is around 16. The Nikkei added 307.29 points to 14,462.41. That leaves it down over 11% so far this year, making it the worst-performing major index in the world. While the weekly jobs data helped provide a brief boost for equities in the U.S. and Japan, the next batch of U.S. monthly jobs figures--due later Friday--is likely to provide a longer-lasting cue for markets. "The U.S. non-farm payrolls data is going to be closely scrutinized," Mr. Kawai said. "A weak number could trigger another market selloff." Shares of currency-sensitive exporters led the market higher Friday, with silicon wafer-maker Shin-Etsu Chemical adding 3.9% and Honda Motor gaining 2.9%. Sony ended up 4.1% after announcing an aggressive restructuring plan that offset disappointment over its forecast cut. The buoyant underlying market also helped boost sentiment for earnings-related share movers. Nikon gained 5.5% after booking a sharply higher third-quarter operating profit aided by the weaker yen. Its digital camera sales continued to slip, however. Renesas Electronics also ended up 4.7% after a favorable third quarter. But it said that its full-year results will remain in the red due to early retirement expenses. March Nikkei 225 futures closed up 2.5% at 14,500 in Osaka.

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