Markets in mainland China and South Korea were closed for holidays.
US President Donald Trump added to that Thursday while speaking with reporters. While he said he'd rather reach a "whole" trade deal with China, he didn't rule out the possibility of a smaller one.
Some of Trump's advisers have floated the prospect of a smaller deal that could allow the two sides to agree on issues that are easier to resolve, leaving sticky subjects like intellectual property theft or currency manipulation for later talks.
Investors are also watching for the prospect of more stimulus from central banks.
It also announced that it would start printing money again, promising to buy €20 billion ($22 billion) in bonds and other financial assets per month starting in November.
"Monetary easing is gaining traction in developed markets," wrote analysts for Asia at the Dutch bank ING Group. The analysts added that they don't think the Bank of Japan "wants to fall behind and risk further economic weakness."
CNN's Kevin Liptak contributed to this report.