Euro zone business began the new year with a modest return to growth as stable services activity in January was complemented by an easing of the long-running downturn in manufacturing, a survey showed.

Japan's core consumer prices rose 3.0% in December year-on-year to mark the fastest annual pace in 16 months, likely cementing a central bank rate hike later in the day and retaining bets that borrowing costs will keep rising from ultra-low levels.

The Bank of Japan raised interest rates on Friday to their highest since the 2008 global financial crisis and revised up its inflation forecasts, underscoring its confidence that rising wages will keep inflation stable around its 2% target.

China's stimulus scheme for consumer goods trade-ins boosted last year's consumption growth by more than 1 percentage point, Vice Commerce Minister Sheng Qiuping said on Friday, as authorities steer expansion of the plan this year.

Most Asian stocks rose on Friday tracking record highs on Wall Street and optimism over more policy relief for China, while Japanese markets trimmed some gains after the Bank of Japan hiked rates and struck a hawkish chord.

Oil prices were little changed on Friday but headed for a weekly decline after U.S. President Donald Trump issued a sweeping plan to boost U.S. production and demanded OPEC lower crude prices.