Traders in Asia will 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.

Wall Street's gains followed rallies for markets across Europe and Asia after the Federal Reserve delivered the first cut to interest rates in more than four years late on Wednesday.

Shares are mostly higher in Europe and Asia as world markets await an expected interest rate cut by the Federal Reserve

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

By Stella Qiu SYDNEY (Reuters) -Asian shares extended their rally on Friday, bathing in the afterglow of an outsized interest U.S. rate cut, while the yen edged higher as the Bank of Japan held rates steady and stayed upbeat on the economy.

Asian stocks have surged, with Japan’s Nikkei 225 index leading gains after Wall Street romped to records following the Federal Reserve’s big cut to interest rates

Asian shares extended their rally on Friday, bathing in the afterglow of an outsized interest rate cut in the United States, while the yen was jittery ahead of a monetary policy decision in Japan as traders look for clues about future tightening.