HONG KONG—Asian stocks mostly rose Wednesday, bolstered by a rally on Wall Street in a quiet holiday-shortened week for regional markets.

Japan's Nikkei 225 index rose 0.7% to 14482.31. Gains came as the U.S. dollar was little changed against the yen, trading at ¥102.58 versus ¥102.61 late Tuesday in New York. The beginning of U.S. President Barack Obama's three-day state visit to Japan was on the radar in Tokyo as traders watched for any progress on trade talks.

Japanese railroad and hotel chain operator Seibu Holdings Inc. traded higher in its return as a public company, gaining 5.3% over its initial public offering price. The company's core entity, Seibu Railway Co., was delisted from the Tokyo Stock Exchange in December 2004 for doctoring its financial statements.

Elsewhere in the region, Sydney's S&P/ASX 200 rose 0.7% to 5515.00 and Korea's Kospi Composite gained 0.2% to 2007.52. A strong session for U.S. stocks that sent the S&P 500 to its sixth-straight positive close drove sentiment. The S&P 500 gained 0.4% to 1879.55, notching its longest winning streak since mid-September.

A string of upbeat U.S. corporate earnings reports "have again been the perfect distraction from concerning lofty tech valuations," said Timothy Radford, global investment manager at Australian brokerage Rivkin, referring to a sharp selloff of highflying technology stocks that has rattled global markets over the past month.

Disappointing earnings from blue-chip Chinese companies weighed on stocks in Hong Kong and Shanghai, however. Shares of China Mobile Ltd. , the world's largest telecom carrier by subscribers, fell 2.2% in Hong Kong after the company said intensifying competition and handset subsidies for Apple Inc.'s iPhones hurt its first-quarter earnings.

Hong Kong's Hang Seng Index fell 0.3% to 22648.55 and the Shanghai Composite was off 0.4% at 2065.73. A preliminary report from HSBC on China's manufacturing sector in April was mostly in line with expectations, rising to 48.3 from a final reading of 48.0 in March but remaining below the 50 mark that separates expansion from contraction.

"Domestic demand showed mild improvement and deflationary pressures eased, but downside risks to growth are still evident as both new export orders and employment contracted," HSBC economist Qu Hongbin said.

Write to Mia Lamar at mia.lamar@wsj.com