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.

Asian markets rose Friday to build on the latest global rally after a jumbo US interest rate cut this week, while the yen reversed earlier gains after the Bank of Japan decided against another hike.

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

Wall Street is holding near its records after the Federal Reserve kicked off its efforts to prevent a recession with a bigger-than-usual cut to interest rates

Wall Street pointed lower as a rally driven by the Federal Reserve’s big cut to interest rates faded and markets’ focus turned to earnings and other corporate news.

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

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.