Kospi gains 0.2%
South Korean shares rebounded from the previous session's five-month closing low, as investors scooped up embattled stocks though persistent selling capped gains.
Blue chip stocks led gains, with Hyundai Motor up 1.1 percent while KB Financial Group piled on 0.7 percent. Kepco also saw an addition of 0.2 percent.
Lotte Himart added 0.4 percent, on news that its Initial Public Offering (IPO), worth $1 billion, has received approval from Singaporean authorities.
(Read more: Asia to central banks: Our mess, you fix it)
Samsung was in the news on Wednesday amid speculation that it may be launching the Galaxy S5 this month; shares were down by nearly 1 percent.
Sydney falls 0.5%
Australia's benchmark S&P ASX 200 index extended losses to close at a 7-week low of 5,070, as traders grappled with the Reserve Bank of Australia's (RBA) decision to drop its easing bias and keep interest rates on hold at its first policy meeting of the year on Tuesday. "The RBA dropping its easing bias is probably one the reasons (for the market falling)," said Chris Kimber, managing director at Kimber Capital to Reuters.
(Read more: Singapore dollar still draws safe haven seekers)
A stronger Australian dollar at 0.8891 against the dollar and caution before the upcoming earnings season also underpinned losses.
Banking stocks took a beating; Commonwealth Bank of Australia (CBA) and Australia and New Zealand Bank (ANZ) lost 0.9 percent each. The latter was ruled against by the courts in a class-action suit for charging customers additional fees for late loan payments. National Bank of Australia (NAB) shed 0.7 percent,
Mining stocks were also in the red. BHP Billiton lost 0.6 percent, marginally recovering from a loss of 0.8 percent which was its lowest level since October 2013 as investors weighed near-term supply tightness against tepid U.S. and Chinese factory data and an emerging market rout. BC Iron and Atlas Iron shed 0.4 percent and 0.5 percent, respectively.
(Read more: Stocks recover, but is it a mere 'dead-cat bounce'?)
Emerging markets mixed
Indonesia's benchmark Jakarta Composite index rose 0.4 percent despite data showing that gross domestic product (GDP) grew at its slowest pace in four years in 2013.
Thailand's SET index gained 0.5 percent, while Indian shares lost 0.2 percent.
— By CNBC.com's Tang See Kit.