Japanese markets rallied amid bets of new economic stimulus. Finance Minister Satsuki Katayama signaled the possibility of more government bond sales to fund Prime Minister Sanae Takaichi's upcoming economic package, if existing resources prove insufficient.

Investors also digested data that showed Japan's core inflation rate accelerated to 2.9 percent in September, matching the consensus estimate.

The Nikkei average jumped 1.35 percent to 49,299.65 while the broader Topix index closed up 0.48 percent at 3,269.45.

Among the top gainers, technology investor SoftBank Group surged 5.7 percent and chip testing equipment maker Advantest rallied 3.7 percent.

Nidec lost 3.6 percent after the motor maker withdrew its full-year earnings guidance and suspended its share repurchase program that was announced on May 27.

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