Asian stock markets settled sharply higher on Friday after the Bank of Japan unexpectedly boosted monetary stimulus and amid speculation that the country's USD 1.2 trillion Government Pension Investment Fund will increase holdings of equities.

Japan's benchmark index, Nikkei 225 jumped 755.56 points or 4.83 percent to settle at 16,413.76. China's benchmark index, Shanghai Composite went up 29.10 points or 1.22 percent to close at 2,420.18.

Hong Kong's Hang Seng went up 296.02 points or 1.25 percent to end at 23,998.06. Singapore's Straits Times went up 34.40 points or 1.06 percent to end at 3,268.71.

South Korea's KOSPI gained 5.50 points or 0.28 percent to end at 1,964.43. Taiwan's TAIEX went up 86.69 points or 0.98 percent to end at 8,974.76.