A woman walks past an electronic board displaying market indices outside a brokerage in Tokyo (Reuters)

Asian indices climbed most in over five months as better US quarterly corporate earnings and Moody's rating of Spain offset concerns over China's upcoming GDP data.

Japan's Nikkei 225 jumped 1.21 percent or 105.24 points to 8806.55 while South Korea's KOSPI ended 0.70 percent or 13.61 points higher to 1955.15.

China's Shanghai Composite Index was up 0.32 percent or 6.81 points to 2105.62. Hong Kong's Hang Seng index rose 0.99 percent or 209.57 points to 21416.64.

India's Bombay Stock Exchange traded 0.06 percent or 10.71 points lower to 18,558.48.

Positive signs from US quarterly earnings and easing tensions over the eurozone crisis increased investors risk appetite for shares of companies with overseas exposure.

Investors in Tokyo were also encouraged after the Nikkei reported that the country's Prime Minister Yoshihiko Noda may call an emergency cabinet meeting this week to consider stimulus aids to support Japanese economy.

The euro strengthened against the Yen after Moody's retained Spain's rating above the junk status, encouraging traders to purchase shares of companies with European exposure.

"In currency markets the EUR managed to hold on to most of its gains, spending the majority of the day so far trading either side of 1.31 against the US dollar," said Jason Hughes, Head of Premium Client Management at IG Markets.

Major Movers

Sony gained 2.03 percent in Tokyo while Panasonic was up 2.23 percent. Toshiba gained 1.84 percent.

Steel firms such as Nisshin Steel Holdings rose 8.09 percent, followed by Kobe Steel, which was up 8.06 percent.

Financial firms were up on easing European concerns. Nomura Holdings gained 3.27 percent while Matsui securities rose 1.81 percent.

Mobile service provider Softbank extended gains to close 5.63 percent higher following plans to acquire major stake in US mobile carrier Sprint Nextel.

Cargo transport related firms ended higher in Hong Kong. Cosco Pacific Ltd gained 5.82 percent while China Merchant Holdings rose 5.46 percent.

Financial majors were up as well. HSBC Holdings, which has a strong European presence, gained 1.80 percent. Bank of China rose 0.33 percent while Industrial and Commercial bank of China gained 1.84 percent.

Shares of iPhone maker Foxconn were down 0.68 percent after the company admitted that it employed minors as interns.

Samsung Electronics, which has a strong presence in US, gained 0.45 percent in Seoul. Automobile majors Hyundai and Kia were up 0.88 percent and 0.45 percent respectively.

South Korean shipping groups and construction companies too gained. Korea Line Corp gained 15 percent. Chin Hung International was up 14.85 percent while Sungjee Construction Co gained 14.92 percent.

Apparel manufacturer Jiangsu Sunshine Co, up 10.15 percent and Henan Lianhua Gourmet Powder Co, which gained 10.10 percent were the major gainers in Shanghai.

Shares of auto major Maruti Suzuki gained 0.30 percent in India following the announcement of its latest Alto car. Shares of Mahindra & Mahindra were up moderately, by 0.13 percent after the company unveiled an SUV from the Korean automaker SsangYong in India.