Australia's benchmark index held onto its two-and-a-half-month high even after the government cut its economic growth and revenue forecasts. Speaking at a pre-election budget update, Treasurer Chris Bowen said that growth would fall to 2.5 percent for the current financial year, down from May's forecast of 2.75 percent.
The index remained above 5,100 points, it's highest level since May 23 while the Australian dollar pared losses to rise above 89 U.S. cents. Earlier in the session, the currency fell below those levels to plumb a new three-year low.
"The market is a little bit on the short side. If the payrolls number disappoints, we could see a stronger Aussie. It's really set with what's going on with the U.S. dollar and if we see renewed weakening of that currency, we'll see the Aussie back up," said Stephen Nash, director of strategy and market development at FIIG Securities.
(Read more: It seems the only way is down for the Aussie)
Banking stocks held onto gains after the government confirmed that a levy on bank deposits will be enforced starting in 2016. Macquarie rose 4 percent while Australia New Zealand Banking jumped 1.8 percent.
After rallying over 5 percent for the month of July, the S&P ASX 200's Relative Strength Index (RSI) currently stands at 70, compared to 48 a month earlier. Traders say the 70 level indicates overbought territory, meaning that the index may be getting overvalued.
Kospi up 0.1%
Seoul's benchmark index ended just below fresh multi-week highs. The index rose above 1,25 points earlier in the session to its highest level since June 11, one day after hitting a seven-week closing high. The Kospi ended within range of it's 200-day simple moving average (SMA) of 1,943 points.
Automakers Hyundai Motor ended flat following a 3 percent spike after reporting 6.4 percent rise in U.S. sales for the month of July from a year earlier.
Samsung Electronics added half a percent after the U.S. International Trade Commission said on Thursday that it would delay a decision on whether some Samsung devices infringed on Apple patents.
Samsung Engineering jumped as much as 7 percent after its CEO was fired on Thursday following an accident at one of the firm's sites last week.
— By CNBC.com's Nyshka Chandran. Follow her on Twitter @NyshkaCNBC