Asian stock markets are trading higher on Friday, tracking a rally on Wall Street after U.S. President Donald Trump promised to unveil a major tax announcement to lower the burden on businesses.

Japan's benchmark index, Nikkei 225 jumped 434.58 points or 2.3 percent to trade at 19,342.25. China's benchmark index, Shanghai Composite rose 10.46 points or 0.33 percent to trade at 3,193.64. Hong Kong's Hang Seng gained 145.42 points or 0.62 percent to trade at 23,670.56.

Singapore's Straits Times rose 21.94 points or 0.71 percent to trade at 3,101.90. South Korea's KOSPI rose 9.30 points or 0.45 percent to trade at 2,075.18. Taiwan's TAIEX rose 79.27 points or 0.83 percent to trade at 9,669.45.