Global stocks rose on Monday despite weak economic reports out of China and Japan, as the yen weakened amid intervention speculation.

Japan’s prime minister said that excessive currency volatility is undesirable, referring to strong gains in the yen last week that sent stocks tumbling. Markets shrugged off a fourth quarter contraction in Japan’s GDP and weak Chinese trade data

European stocks rose following a similar bounce in Asia, while U.S. markets were to remain closed for a national holiday.

The dollar remained broadly higher against the other major currencies on Monday, as Friday’s upbeat U.S. retail sales data continued to support and as comments by Japanese Prime Minster Shinzo Abe weighed on the yen.

Oil prices extended strong gains from the prior session on Monday, as investors were hesitant to bet on lower prices amid a renewed possibility of coordinated production cuts. Global oil prices surged more than 12% on Friday after a report once again suggested OPEC might finally agree to cut production to reduce the world glut.

Gold kicked off the week with big losses on Monday, as investors regained their bullishness and moved back into riskier assets. Trading volume is expected to be lighter than usual as U.S. trading is closed for the President’s Day holiday.

This week, market players will be turning their attention to Wednesday’s minutes of the Federal Reserve’s latest policy meeting for fresh indications on whether the U.S. central bank will raise interest rates at all this year.

Investors will also be looking ahead to U.S. data on inflation for further clues on the strength of the economy. Meanwhile, China is to release what will be closely watched trade and inflation data as Chinese financial markets reopen Monday after the week-long Lunar New Year holiday.

Preliminary data on Japanese fourth quarter growth will also be in focus.