The Bank of Japan on Friday struck a more upbeat view of the world's number three economy, saying exports were showing signs of picking up while factory output has started to "bottom out".

The comments came after policymakers wrapped up a two-day meeting where they voted by an 8-1 margin to hold off fresh easing measures, after announcing in late October a huge expansion of the BoJ's asset-buying program.

Oil prices edged up in Asia Friday after falling sharply in the previous session, as analysts predicted increased volatility and no end in sight this year to tumbling prices.

U.S. benchmark West Texas Intermediate (WTI) for January delivery rose 73 cents to $54.84, while Brent crude for February gained 32 cents to $59.59 in afternoon trade.

The EU agreed new sanctions against Russian-annexed Crimea Thursday to show resolve against Moscow as European leaders prepared to discuss Russia's spiraling financial crisis amid fears of the impact on their economies.

The leaders meeting at a summit in Brussels will also back a huge 315-billion-euro ($380-billion) investment plan aimed at kickstarting Europe's stalling economy, although pledges of hard cash are expected to be lacking.

Saudi Arabia, the largest producer in the OPEC oil cartel, cannot reduce its output, the kingdom's oil minister said on Thursday despite plunging prices.

Ali al-Nuaimi added that commodity price fluctuations are to be expected, and he expressed optimism for the future despite crude's price drop of about 50 percent since June.

Gulf stock markets rebounded strongly on Thursday as world oil prices steadied after plumbing multi-year lows, calming investor jitters.

Dubai Financial Market Index -- which had been the region's biggest loser -- rose 11.5 percent and was trading on 3,381.99 points.

Switzerland's central bank announced Thursday it was introducing negative interest rates to stop the franc getting any stronger, after the Russian ruble crisis sent investors pouring their investments into the safe haven currency.

The Swiss National Bank will impose a rate of -0.25 percent on certain bank deposits on January 22, with the aim of pushing the target range of Switzerland's benchmark interest rate into negative territory.

President Putin on Thursday attempted to assuage fears of economic collapse and promised rapid recovery as he faced hundreds of journalists during the worst financial crisis of his rule.

Speaking at his annual press-conference, the Russian leader said that the economic downturn will last two years at the most and he promised to support the poorest segment of the population.

Some 400 Russian sailors are returning home, French shipbuilder DCNS said Wednesday, as Paris weighs whether to deliver the Mistral-class warship to Russia amid the Ukraine crisis.

Russia's finance ministry is selling its foreign currency to support the ruble, a spokeswoman told AFP on Wednesday.

"The finance ministry considers the ruble extremely undervalued and is starting to sell its left-over currency on the market," spokeswoman Svetlana Nikitina said. She did not give details of the amount.

Saudi Arabia will continue massive public spending despite a 50 percent drop in the price of oil which provides the bulk of the kingdom's revenue, the finance minister said Wednesday.

Ibrahim bin Abdulaziz Al-Assaf commented after completing the 2015 budget, which will be presented to cabinet "in the near future", the official Saudi Press Agency said.