Asia stocks
A man stands next to a stock quotation board displaying Japan's Nikkei average after a ceremony marking the end of trading in 2015 at the Tokyo Stock Exchange (TSE) in Tokyo, Reuters

Asian stocks rose on Friday after a hint of more monetary easing by the European Central Bank and a bounce in crude oil from 12-year lows helped soothe skittish markets.

Japan's Nikkei jumped 3.5 percent to move away from a 15-month low struck Thursday. Speculation for more easing also favoured Tokyo shares amid hopes that the Bank of Japan would opt for additional stimulus at its Jan. 28-29 policy meeting.

"We're seeing a really nice bounce today as lots of people close their short positions but that doesn't necessarily mean we've seen the bottom," said Nicholas Smith, a strategist at CLSA.

"It's tough to know when a panic is going to subside but it does look like we're starting to get there."

Australian shares rose 1.3 percent and South Korea's KOSPI climbed 1.8 percent. Volatile Shanghai shares added 0.8 percent.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 2 percent. The index probed a four-year low on Thursday. It was still on track to lose 1.5 percent on the week which saw a slide in oil prices and China-led global growth concerns continue to pummel risk assets globally.

The ECB managed to contain some of the pessimism for the time being after ECB President Mario Draghi hinted strongly on Thursday that more easing could be coming within months. Fading growth and inflation prospects will force the central bank to review its policy stance in March, Draghi said.

"With little new information on China, the rebound in sentiment looks to be more closely tied to actions among major central banks," wrote Todd Elmer, Citi's Asian head of G10 FX strategy.

"However, the apparent improvement in sentiment poses risks. If central banks fail to deliver it could drive a negative turn in market thinking," he added.

The euro slipped 0.3 percent to $1.0843. The common currency had fallen to an eight-month low of $1.0523 in December but has appreciated significantly because the ECB's easing decision that month fell far short of expectations.

The dollar was up 0.1 percent at 117.77 yen, pulling away from a one-year trough of 115.97 struck earlier this week against the safe-haven Japanese currency.

The Chinese yuan remained relatively steady against the dollar as efforts by local authorities to quell speculation of a sharp depreciation appeared to work for now.

Onshore spot yuan stood little changed at 6.5797 to the dollar, corralled in a narrow 6.5837-6.5768 band so far this week.

After guiding the yuan sharply lower and pushing onshore spot rates to a five-year low earlier this month, the People's Bank of China (PBOC) has helped the currency plateau by setting a succession of midpoints within a tight range. Authorities have also introduced steps to discourage speculators from shorting the yuan.

U.S. crude oil extended a rally made overnight after data showed stockpiles at some U.S. sites did not grow as much as forecast, providing participants in the battered market with an incentive to cover short positions.

The contracts were up 0.8 percent at $29.75 a barrel. U.S. crude fell to its lowest levels since 2003 earlier this week as the prospect of Iranian oil - following the lifting of international sanctions on Tehran - flooding a heavily saturated market dragged down prices.

Other commodities also benefited as the broader markets calmed somewhat after a tumultuous week. Three-month copper on the London Metal Exchange was steady at $4,425 a tonne, poised for a 2.5 percent weekly rise.