Asian stocks were mostly higher on Wednesday, after stocks on Wall Street rallied on easing tensions in Ukraine. China's annual meeting of parliament, the National People's Congress, which kicked off Wednesday, also lent support.
Russian President Vladimir Putin said on Tuesday there was "no need yet" for Russia to exercise its authority, adding that he was not considering the annexation of Crimea and any force used would be a last resort.
(Read more: Global markets rally on Putin 'climbdown')
The comments quelled fears of a conflict in Ukraine, boosting global risk assets.
Wall Street shares closed broadly higher on Tuesday. The Dow Jones Industrial Average added 1.4 percent, while the Nasdaq climbed 1.8 percent. The S&P 500 gained 1.5 percent to end at a record closing high of 1,873.91.