Asian shares rose Friday on hopes that economic reform and budget plans unveiled by Spain will help it manage its debt imbalances and avoid a euro zone bailout.

Global stocks, the euro and commodities rose while the dollar fell Thursday after Spain announced a detailed timetable for economic reform and a budget based mostly on sharp spending cuts rather than tax hikes.

Madrid is talking to European Union authorities about the terms of a possible aid package, which would pave the way for initiating the European Central Bank's bond-buying program aimed at easing the country's borrowing strains, Reuters reported.

The MSCI index of Asia-Pacific shares outside Japan was up 0.2 percent, after jumping on Thursday on a spike in Chinese shares as speculation for stimulus spread. Australian shares were nearly flat and South Korean stocks rose 0.5 percent. Japan's Nikkei stock average opened up 0.4 percent after touching a two-week low the day before.

The euro traded at $1.2912, recovering from a two-week low of $1.2828 touched on Thursday.

The yen hit its highest in nearly two weeks against the dollar of 77.56 yen earlier on Friday, after the dollar index measured against a basket of currencies fell 0.4 percent on Thursday for its biggest daily drop in two weeks.