Shares in Tokyo gained in value on Friday in spite of an 8.1 per cent decline in November’s industrial output. The FTSE Asia Pacific index was 0.7 per cent higher at 163.9 although volumes were low as some markets, such as Hong Kong and Australia, were closed for the Boxing Day holiday.

Oil climbed above $36 a barrel in Asian trading. Nymex light sweet crude was $36.63 – meaning it has lost three-quarters of its value since peaking at $147.27 in July.