Meanwhile, in Japan, shares of Sharp tumbled as much as 20.11 percent earlier before closing 14.37 percent lower. Reuters and the Nikkei reported that the troubled electronics maker has decided to accept a 659 billion yen ($5.9 billion) takeover bid by Taiwan's Foxconn. Shares of Foxconn, also known as Hon Hai Precision Industry, were up 2.61 percent.
On the upside, the Japanese benchmark Nikkei 225 index closed up 224.55 points, or 1.41 percent, at 16,140.34. Across the Korean Strait, the Kospi gained 6.04 points, or 0.32 percent, to 1,918.57.
"Japanese markets were enjoying a bit of an oil-induced recovery alongside some weakening of the yen," said Angus Nicholson from IG in an afternoon note. "The yen has not responded well to the introduction of negative rates, and the implicit message is markets want to see asset purchases from the Bank of Japan not further negative rates."
The yen, which surged against the dollar in recent sessions, maintained the 112 handle; the pair traded at 112.16 as of 2.45 p.m. HK/SIN time. A stronger yen is usually a negative for Japan's exporters as it reduces overseas profits when converted into local currency. But exporters saw mixed fortune, with Toyota down 0.72 percent, while Canon gained 0.37 percent.
Bank of Japan governor Haruhiko Kuroda told a parliament session that the central bank's decision to adopt negative interest rates was having the intended effects. Reuters reported Kuroda said the positive effects will spread to capital expenditures and housing investment.
Australia's S&P/ASX 200 closed up 6.15 points, or 0.13 percent, at 4,881.17. That followed two consecutive sessions of declines for the main index, which closed down 2.1 percent on Wednesday.
Online job-search company Seek was one of the top gainers on the index, closing up 7.88 percent. The company reported a 50 percent jump in interim net profit to A$275.1 million ($198.2 million), and a dividend of 21 Australian cents per share. The sale of Seek's education business, IDP Education, and strong revenues from China helped boost profit.