Toyoda, 66, is the grandson of the carmaker's founder and has served as chief executive since June 2009.

Most markets were closed for the Lunar New Year holiday, with markets in Shanghai shut for the whole week.

As the Bank of Japan kicks off its two-day monetary policy meeting, 10-year Japanese government bond yields will be in focus.

China's GDP for 2022 was expected to have grown by its slowest since 2020, the year the pandemic began.

Markets in the Asia-Pacific traded mixed as expectations of cooled inflation in the U.S. lifted investor sentiment.

Hong Kong shares rise 3% as investors look ahead to the Fed's meeting minutes, watching for signs of more interest rate hikes.

China's exports fell by 0.3% in October from a year ago, missing Reuters expectations for a 4.3% increase.