China's benchmark Shanghai Composite rebounded after closing down 1.5 percent in the previous session as bargain-hunting offset weaker corporate data. Industrial profits in November rose an annual 9.7 percent, slower than October's 15.1 percent gain.
Property developers rose despite news that legislation for property taxes may be sped up, according to Finance Minister Lou Jiwei. Gemdale, Vanke, Poly Real Estate and China Merchants all added over 2 percent each.
Financials led the gains with Hua Xia Bank 3.5 percent higher while Minsheng Bank and Merchants Bank rallied over 1 percent each. Investors digested news that Beijing announced rules allowing commercial banks to use wealth management funds to buy preferred shares on domestic bourses.
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Meanwhile, the yuan hit a fresh record high against the greenback after the People's Bank of China fixed the currency's mid-point at its highest level since the 2005 landmark revalaution.
Japanese shares pared gains in choppy trade as profit-taking overshadowed optimism over a weaker currency. Still, the benchmark Nikkei closes at its highest levels since November 2007 for the fifth time in the past seven days.
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Since hitting a one-month trough on November 8, the index has risen 16 percent, which means it is fast approaching bull market territory. Bull territory essentially means a rise of at least 20 percent from a recent low.
Core inflation rose to a 15-year high in November, suggesting that Prime Minister Shinzo Abe's radical economic policies are working to stimulate the economy. That saw the yen hit fresh five-year lows against both the greenback and euro.
Among blue-chips, Fanuc lost 1.4 percent, Fast Retailing fell 1.7 percent and Sony slipped 0.7 percent.