Japanese and Australian markets rose Thursday after spending the night on Wall Street as data suggests that the contraction in the U.S. economy in the first quarter has exacerbated investors' concerns about an imminent recession.

Several Asia-Pacific markets, including South Korea, Hong Kong, China and India, have been closed due to Labor Day holidays.

Japan's benchmark Nikkei 225 The climb was 1.13%, ending at 36,452.30, while the wider Topix index was 0.46% higher to 2,679.44. Earlier in the day, the Bank of Japan stabilized the interest rate at 0.5% in a unanimous vote.

The yield on the 10-year government bond (JGB) of Japan Government Bonds (JGB) fell 5.4 to 1.259% after the central bank's decision. Meanwhile, JGB's yield fell slightly by 1.5 basis points to 2.184% in 20 years.

The yen depreciated by 1.06% to 144.58 per dollar.

In Australia, the S&P/ASX 200 benchmark ended 0.24% of the day to 8,145.60. The campaign comes ahead of Australia’s general election on Saturday and marks the fifth consecutive time the index is held in positive areas.

In March, the country's surplus on traded goods expanded sharply to $6.9 billion ($4.42 billion), a revision from A$2.85 billion the previous month.

Data released by the Australian Bureau of Statistics on Thursday showed the latest figures were well above the $3.9 billion surplus forecast in Reuters’ vote and as the Australian Bureau of Statistics released Thursday, when iron ore exports recovered from weather disruptions and a climb in gold.

At this time, Australia's exports rose 7.6% year-on-year, while imports fell 2.2%.

Futures in the U.S. have jumped after so-called "Magnificent 7" stocks (Meta Platforms and Microsoft) released their quarterly results.

In extended trading, Yuan Stocks earned more than 4% in the first quarter than expected revenue. Meanwhile, Microsoft's shares soared 8% in the fiscal third quarter at the top and bottom line, as well as strong results from its Azure Cloud business and Autbeat Guidance.

In the U.S. overnight, the S&P 500 and 30-share Dow Jones Industrial Average won the seventh consecutive victory, despite turmoil.

Based on the broad market index, the index rose 0.15% to 5,569.06, while the Dow Jones index rose 141.74 points, or 0.35%, to settle at 40,669.36.

Meanwhile, Nasdaq Composite ended the day with 17,446.34.

- Brian Evans, Sean Conlon and Pia Singh of CNBC contributed to this report.