The Nikkei rose as much as 3 percent after Thursday's savage sell-off wiped out 6.4 percent off the market's value. Australia's S&P ASX 200 recovered from Thursday's five-and-a-half-month low and Seoul shares rebounded from a seven-week low hit the previous day.
Greater Chinese markets tracked Asia's recovery story with the Shanghai Composite rising from Thursday's fresh 2013 low.
"Why would you panic when there's a bargain sale at the local supermarket? It's the time to fill up your trolley, not panic and throw everything out" said Nicholas Smith, director and strategist at CLSA.
Upbeat retail sales and unemployment claims data in the U.S. triggered a rally on Wall Street overnight and soothed rattled nerves ahead of next week's Federal Reserve policy meeting.
(Read More: Why the Fed Will Try to Calm Market Nerves)
What's on Tap
Volatile currency moves remain a concern after dollar-yen dived below the 95-handle in early Asian trade, moving off it's session high of 95.8. Japanese finance minister Taro Aso had no comment in response to the sudden dip.
Markets digested minutes from the Bank of Japan's (BOJ) May 21-22 policy meeting. Members of the central bank stated that monetary stimulus should be limited to two years due to possible financial imbalances. One member also said that limited stimulus may help stabilize the volatile Japanese government bond (JGB) market.
Meanwhile, Japan's cabinet approved a government plan of major investment tax breaks on Friday, in a move designed to slash investment taxes for corporates and encourage investment. In a video message, Prime Minister Shinzo Abe promised to take more steps after next month's upper house elections.
|NIKKEI||Nikkei 225 Index||12843.54||398.16||3.20%|
|HSI||Hang Seng Index||21104.75||217.71||1.04%|
|ASX 200||S&P/ASX 200||4767.50||71.70||1.53%|
|SHANGHAI||Shanghai Composite Index||2145.25||-3.11||-0.14%|
|CNBC 100||CNBC 100 ASIA IDX||6712.08||80.25||1.21%|
Exporter stocks licked some of their wounds with automaker Suzuki Motor rebounding by over 3 percent following a 5 percent loss in the previous session. Machinery makers JTEKT rallied 7 percent while Yamaha rose 6 percent.
For the week, the index is headed towards a loss of 1 percent but if it can hold onto current gains, that figure is likely to lower.
(Read More: What Japan Can Teach the Fed About QE Addiction)
Analysts say fears that Prime Minister Shinzo Abe's economic policies, known as "Abenomics," have run out of steam and a lack of clear evidence that the Japanese economy is back on track is to blame for the Nikkei's recent volatility.
"When will the BOJ cry uncle? When will they give markets what they want?," said Kathy Lien, Managing Director at BK Asset Management. "This (market sell-off) is Japan's own doing, they had the opportunity to provide markets with a small dose of stimulus and they did nothing because they were stubborn and overconfident that their policies were enough to stabilize markets," she told CNBC.
Australia Rallies 1.5%
Australia's equity market posted broad-based gains after falling to its lowest levels since January on Thursday. As a sure sign of the recovery story, the Relative Strength Index (RSI) for the benchmark index rose to 31 from a reading of 21 on Thursday. An index is considered 'oversold' when its RSI falls below 30.
Banks rose with a 3 percent rally in National Australia Bank but mining stocks were the session's out-performer after iron ore prices rose above $112 per ton. Gindalbie Metals added 8 percent, while Fortescue Metals and Arrium surged over 5 percent.
Meanwhile, the Aussie dollar lost some steam to trade at $0.9606 against the greenback after rising 2 percent overnight.
Shanghai Off Lows
China's benchmark index inched up in early trade to rise above the 2,150 level but still traded well below its 200-day simple moving average of 2,188 points.
(Read More: China Gets the Post-Holiday Blues as Stocks Slump)
Infrastructure stocks were big gainers with Long Yuan Construction up 1 percent and China State Construction higher by 1.4 percent.
Seoul Recovers 0.4%
Seoul's benchmark index snapped a three-day losing streak after falling to its lowest level for 2013 in the previous session as investors went bargain hunting for battered exporter stocks. Still, the index remained below the key 1,900 level and is set to post a loss of 1.8 percent for the week.
After six consecutive sessions of heavy selling, shares of market heavyweight Samsung Electronics gained as much as 1 percent. The stock plunged to a seven-month low on Thursday.
Automaker Kia Motors rose 1 percent, finally benefiting from a stronger Japanese yen as general sentiment improved.
— By CNBC.com's Nyshka Chandran. Follow her on Twitter