China's Shanghai Composite index down 1.57%

Asian stocks ended mixed on Friday despite hopes that China will follow through on its pledges to stimulate growth in the new year.

To steer demand for credit, China's central bank is likely to cut interest rates from the current level of 1.5 percent "at an appropriate time" in 2025, the Financial Times reported.

The dollar held steady near two-year highs in Asian trade on expectations for higher-for-longer U.S. interest rates and amid the threat of tariffs from the incoming Trump administration.

Gold dipped on profit taking following a 1 percent gain in the previous session, bolstered by increased safe-haven demand.

Oil was little changed after surging to a two-month high the previous day, fueled by economic growth optimism in China and signs of falling U.S. crude inventories.

China's Shanghai Composite index fell 1.57 percent to 3,211.43 as investors braced for more economic pain in 2025.

Trade tensions and tariff worries also weighed on sentiment as China announced the enforcement of export control measures targeting 28 U.S. entities.

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