Nikkei up 1.1%
Japan's Nikkei 225 index extended gains on the back of heightened expectations for further Bank of Japan (BOJ) stimulus.
"People are looking for ways to make money on further easing because the sentiment that's being pushed by the street and by brokers is that there will be fresh stimulus from the BOJ," said Gavin Parry, managing director at Parry International Trading, told Reuters.
Real estate counters swung up; Tokyu Fudosan Holdings rallied 5.2 percent, while Mitsui Fudosan and Mitsubishi Estate ended up 1.7 and 0.9 percent respectively.
Financials were also among the favorites of investors, with Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group climbing more than 1 percent each. Nomura Holdings and Daiwa Securities surged 2.3 and 1 percent respectively.
Suntory Beverage & Food will unwind its joint venture with Tsingtao Brewery amid stalling sales in the fiercely-competed Chinese market, the Nikkei business daily reported. Shares of the beverage conglomerate advanced 1.6 percent.
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ASX gains 0.7%
Australia's S&P ASX 200 index finished near a seven-week high that it attained earlier in the session.
Commonwealth Bank of Australia closed up 1.5 percent, while National Australia Bank and Australia and New Zealand Banking gained 0.8 and 0.4 percent respectively.
Copper miner Aditya Birla Minerals soared 30.6 percent, thanks to a surprise takeover bid from Perth-based Metals X.
By contrast, Rio Tinto pared gains to slide 1 percent, after the global miner announced a 17 percent rise in third-quarter iron ore shipmentsto 91.3 million tonnes and said it remained on track to meet full-year guidance of 340 million tonnes. Shares of BHP Billiton edged down 0.5 percent, tracking a fall in its U.S. ADR on the back of falling iron ore prices.
Earlier in the session, the Reserve Bank of Australia (RBA) issued a warning in its biannual Financial Stability Review that lending standards for home loans had been looser than first thought, adding to the risks of an eventual downturn in the housing market.
Kospi slips 0.2%
South Korea's Kospi index quickly changed course after a higher open, with heavyweight components among the biggest drags on the bourse.
Automakers were the worst-hit amid a stronger won; Kia Motors tumbled 2.8 percent, while Hyundai Motor and Hyundai Mobis closed down 0.9 and 1.7 percent respectively. Ssangyong Motor skidded 1.6 percent.
The index's top weighted stock Samsung Electronics shed 0.3 percent.
Pharmaceuticals outperformed, with the sub-index widening gains to 2.6 percent. Hanmi Pharmaceutical was the top performer, up 7.2 percent.
Taiwan's weighted index was subdued on Friday, hurt by a slump in the shares of large-cap Taiwan Semiconductor Manufacturing Co..
Shares of TSMC closed down 1.8 percent after the world's biggest contract chip maker reported its first quarterly earnings decline since 2012 on Thursday. TSMC also projected lower revenue for the fourth quarter and cut its capital spending estimate for this year.
In other news, Taiwan's Kuomintang may ditch its candidate Hung Hsiu-chu for January's presidential election this weekend. Party members and observers say the ruling party may use a party congress this weekend to draft in Kuomintang's chairman Eric Chu as a replacement for Hung, a former schoolteacher whose campaign has been riddled with gaffes and political attacks, Reuters reported.