Exporters led the Japanese stock market higher on Wednesday, as the yen renewed its weakening trend. Toyota and Nissan rose 1.8 percent and 3.3 percent respectively and Sony and Canon closed 2.2 percent and 1.6 percent higher.
The yen fell as gold recovered some ground, helping support Japan's stock market. The yen was trading at around 98.34 per dollar, off Tuesday's high of around 95.93 per dollar.
(Read More: Safe-Haven Yen Tumbles as Gold Fears Start to Stabilize)
"Perhaps Japan has been the most interesting market in Asia today as the Nikkei outperforms the region on the back of renewed yen weakness," said Stan Shamu market strategist at IG Markets.
"USD/JPY struggled in the 98 yen congestion zone overnight and retreated into 97.63 yen early in Asia. As far as USD/JPY is concerned, it seems there is no restraining the bulls at the moment as they continue to take advantage of the recent pullback, to pile back in," he added.
Investment bank Nomura was also in the spotlight on Wednesday after the stock slumped 4.5 percent, later recouping losses to close down around 2.3 percent, as the bank rejected accusations of wrongdoing by prosecutors in Italy as part of a probe into deals the bank set up for local bank Monte dei Paschi, Reuters reported.
South Korea Turns Down
The Kospi was dragged down by declines in builders after Samsung Engineering announced on Tuesday an operating loss of 219.8 billion won ($197.12 million) for the first quarter of 2013, far below market expectations for an operating profit of about 156 billion won, Reuters reported.
The Samsung Engineering figures added to already bearish sentiment in the sector after GS Construction reported first-quarter operating losses of 535 billion won last week.