Asian equities were mostly higher on Thursday following a rally in global markets overnight amid hopes for additional monetary stimulus in China and Europe.
Reports overnight that Chinese President Xi Jinping is considering replacing the head of the central bank sparked expectations for looser monetary policy in the world's second-largest economy.
"A change of the guard at the People's Bank of China might mean a more aggressively loose monetary policy going forward to help counter-act the growth slowdown. But in China, it's tough to tell whether it's a monetary thing or power consolidation," said Chris Konstantinos, director of international portfolio management of Riverfront Investment Group.
Meanwhile, the euro fell to a new 14-month low after European Central Bank chief Mario Draghi repeated his commitment to use "additional unconventional instruments" to support economic growth during an interview with Lithuanian media on Thursday. His remarks follow Germany's disappointing Ifo business climate index on Wednesday and fueled expectations for more stimulus to be announced at the bank's October meeting.