• Tokyo's inflation rate for September eased to 2.2% from 2.6%, while core inflation was in line with expectations at 2%.
• China's central bank cut its 7-day reverse repurchase rate to 1.5% from 1.7%, as well as lowered the reserve requirement ratio for banks by 50 basis points.
• China's industrial profit data for August saw a 17.8% plunge year on year, following a 4.1% year-on-year increase in July.

Asia-Pacific markets mostly rose Friday, with Chinese stocks capping off a week of gains on the back of Beijing's stimulus measures aimed at boosting the economy.

Hong Kong's Hang Seng index rose 2.24%, leading gains in Asia while mainland China's CSI 300 gained 2.04%.

China also released its industrial profit data for August, which saw a 17.8% plunge year on year. The drop follows a 4.1% year-on-year increase in July, the fastest pace in five months.

On a year-to-date basis, profits at large industrial firms grew at 0.5% to 4.65 trillion yuan ($663.47 billion) for the first eight months, compared with 3.6% in the first seven months.

As this data is up to August, investors will have to wait for the next batch of data to assess the effects of Tuesday's stimulus measures.

The People's Bank of China cut its 7-day reverse repo rate to 1.5% from 1.7%, its second cut in about three months. The short term rate was last lowered to 1.7% from 1.8% in July.

The central bank also slashed the reserve requirement ratio of financial institutions by 0.5 percentage points so as to "create a good monetary and financial environment for China's stable economic growth and high-quality development," according to a translated statement from the PBOC.

The bank added that the weighted average deposit reserve ratio of financial institutions will be about 6.6% after this reduction.

Investors also assessed September inflation numbers from Japan's capital city of Tokyo, which is widely considered a leading indicator of nationwide trends.

Tokyo's headline inflation rate eased to 2.2%, down from August's 2.6%.

The core inflation rate — which strips out prices of fresh food — in the capital city came in at 2%, in line with expectations from economists polled by Reuters and down from 2.4% in August.

Japan's Nikkei 225 rose 0.22%, while the broad based Topix fell 0.63% after the CPI reading was announced.

South Korea's Kospi was down 0.12%, while the small-cap Kosdaq 0.46% lower.

Australia's S&P/ASX 200 climbed 0.10%, about 30 points away from its all-time high of 8,246.2.

Overnight in the U.S., all three major indexes rose, with the S&P 500 hitting a new record following the release of upbeat U.S. economic data.

The broad market index climbed 0.40% to 5,745.37, lifted by gains in Micron Technology. The Nasdaq Composite added 0.60%, and the Dow Jones Industrial Average advanced 0.62%.

A slate of fresh U.S. economic data also supported the market's gains, with weekly jobless claims falling more than expected, pointing to a steady labor market.

Seperately, the final reading of the U.S.' second-quarter GDP was unrevised at a strong 3%.

—CNBC's Lisa Kailai Han and Brian Evans contributed to this report.

Clarification: The story has been updated to reflect the new reverse repo rate.