Asian stocks were expected to rise on Friday as upbeat U.S. economic growth data suggested the Federal Reserve was on track to achieve a so-called soft landing, Bloomberg reported. U.S. and global stocks were set for their best month since June.

Asian traders will be watching Tokyo's inflation data on Friday morning to see if the Bank of Japan will raise interest rates again this year. Although the market expects a small chance of a rate hike, Commonwealth Bank of Australia strategists believe that Japan still has inflationary pressures.

The Nikkei 225 index has traded in its widest range in 34 years this month. Australian bonds fell slightly, following the U.S. market. Oil prices rose on strong economic data and supply disruptions in Libya, while gold was steady.