Traders in Asia 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.

Asia-Pacific markets are set to open lower on Wednesday, despite gains on Wall Street ahead of the U.S. August consumer inflation report due Wednesday.

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

The major benchmarks rebounded from intraday lows after a volatile trading session, as investors parsed through the higher-than-expected consumer prices report.

The Asia-Pacific equity markets were higher on Thursday as investors reacted to the latest Federal Reserve monetary policy decision. The Fed delivered an aggressive half percentage point rate cut on Wednesday for its first-rate reduction in four years.