Emerging markets gain
In the Philippines, the benchmark PSE index rallied 1.6 percent after the central bank left interest rates unchanged at Thursday's policy meeting. Speaking to CNBC, the central bank governor said rates would remain on hold as long as inflation remains manageable.
(Read more: Investors to return to Philippines, 'soon': Central bank chief)
Indian shares rose 0.32 percent, hitting a one-week high, after foreign investors snapped their five-day selling streak. Later in the day, the government is expected to announce its first official forecast of economic growth in the year to March 31.
Sydney 0.7% higher
Australia's benchmark S&P ASX 200 extended gains after rallying over 1 percent on Thursday, while the Australian dollar traded within sight of 90 U.S. cents after the Reserve Bank of Australia raised its GDP forecast for 2014 and reiterated that rates would remain at 2.5 percent for a while in its monetary policy statement.
(Read more: Australian dollar heads for hefty weekly gains)
Financials lent support with Westpac and Macquarie leading gains by over 1 percent each.
Aurora Oil and Gas soared 56 percent after being acquired by Canadian oil producer Baytex Energy for $2.4 billion. The deal boosted other energy producers; AWE rose over 7 percent while Karoon Gas added 6 percent.
News Corp surged 8.2 percent after its second-quarter profits beat analyst expectations.
(Read more: How these two big emerging markets escaped selloff)
Kospi gains 0.7%
South Korea's benchmark index posted a third straight session of gains after data showed foreign investors were net buyers of domestic shares for the first time in five sessions.
State-run energy firms Korea Electric Power and Korea Gas jumped 3 and 2 percent, respectively, after revealing plans to meet the government's aim for state-run firms to reduce debt by 2017.
Ssangyong Motor rallied 1.3 percent after announcing it will launch a jointly developed engine with India's Mahindra and Mahindra.
— By CNBC.com's Nyshka Chandran. Follow her on Twitter