Asian stocks ended mostly higher on Friday, with indices in Shanghai and Japan chalking up fresh multi-year highs ahead of U.S. jobs data.
China's Shanghai Composite swung between sharp gains and losses in an extremely volatile session, trading in a range of 165 points. The index has rallied sharply in the past two weeks following the central bank's surprise interest rate cut late last month and expectations of additional stimulus measures.
Market attention was on the U.S. November jobs report due later Friday. Economists are expecting a nonfarm payroll number of 230,000, which would top October's 214,000 reading, and for the jobless rate to hold steady at 5.8 percent.
Investors also digested reports of stimulus from the European Central Bank (ECB). On Thursday, ECB chief Mario Draghi said the central bank "stepped up" preparations for further asset purchases next year after leaving policy unchanged. His remarks came amid reports the central bank is considering a quantitative easing package for its next meeting in January.