Japan's benchmark index trimmed losses after briefly slipping below the 13,000 level on Wednesday, extending a global sell-off in equities amid disappointment at the Bank of Japan's (BOJ) inaction to calm a volatile government bond market.
The Nikkei index closed down 0.2 percent after tumbling as much as 2 percent earlier in the session, South Korean shares closed at a seven-week low, while Australia's S&P ASX 200 hit a near five-month low.
The risk-off trade also pushed emerging Asian markets lower. Some of Asia's best-performing indices in 2013 like Thailand's SET and Indonesia's Jakarta Composite fell 1 percent each after tanking 5 and 3 percent respectively on Tuesday.
Financial markets in Hong Kong and China are shut for the Dragon Boat holidays and will resume trade Thursday.
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