Traders in Asia will also look toward August consumer prices index from Japan and Hong Kong, and central bank decisions from Bank of Japan and People's Bank of China.

Asian stocks have surged, with Japan’s Nikkei 225 index leading gains after Wall Street romped to records following the Federal Reserve’s big cut to interest rates.

The S&P 500 is hovering just below record territory, driven by a revived rally as bets have grown that the Federal Reserve will cut interest rates by half a percentage point.

Asia-Pacific markets on Friday were mostly higher, with Japan's Nikkei 225 leading the gains after Wall Street soared overnight following the Federal Reserve’s outsized rate cut. Market

Wall Street romped to records Thursday as a delayed jubilation swept markets worldwide following the Federal Reserve’s big cut to interest rates. The S&P 500 jumped 1.7% for one of its best days of the year and topped its last all-time high set in July.

Japan's Nikkei share average jumped more than 2 per cent in the morning session on Friday, tracking overnight gains on Wall Street, while traders also kept a wary eye ahead of the Bank of Japan's policy decision later in the day.