HSI jumps 1%
In Hong Kong, the Hang Seng index outperformed the region as the property and financial sectors put up robust performances on Friday.
China Construction Bank and Industrial and Commercial Bank of China rallied nearly 2 percent, respectively, while Bank of China also piled on 1.4 percent.
Chinese property developers surged; China Vanke advanced more than 10 percent while China Overseas Land and Investments made gains of 8 percent.
Gaming stocks traded lower on reports that gambling revenue in Macau fell last year for the first time. Melco Crown, Galaxy Entertainment and Sands China tumbled 3.7 to 1.6 percent.
China's markets were closed for a holiday and will reopen on Monday.
Read MoreMacau gambling revenue posts first fall since 2001
ASX rises 0.5%
Australia's benchmark S&P ASX 200 index closed up on Friday, supported by the resources sector and as most financials erased early losses.
Commodity-related stocks turned positive in the afternoon session. Atlas Iron was the biggest gainer for the day, scaling up 40 percent, while the rest of the miners like Fortescue Metals and BHP Billiton climbed up 3.3 and 0.6 percent each. Energy producers Oil Search erased losses to close flat while Woodside Petroleum notched up 0.3 percent.
Macquarie Group and Westpac Banking reversed declines to inch up 0.4 and 0.3 percent each while National Australia Bank remained lackluster for the session, losing 0.1 percent.
Meanwhile, the Australian dollar lost 0.5 percent against the greenback to fetch $0.8139 late Friday. "[For 2015,] the Aussie will find itself coming under downward pressure," Michael Every, head of Financial Markets Research, Asia-Pacific at Rabobank, told CNBC Asia's "Squawk Box."
"We've already seen the (currency) weakening quite a lot on the back of a slowdown in China and a secular U.S. dollar bull story, but if we do start to see a shift in rhetoric from the Reserve Bank of Australia (RBA), I think it could give a further impetus to that direction... like a seven handle," he added.
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