Nikkei Up 2.7%
Defensive plays and exporters drove gains in Japanese stocks, helping the benchmark index reverse opening losses. Taiheiyo Cement jumped 8.5 percent while chemicals manufacturer Tokuyama surged over 16 percent.
Also supporting sentiment was a slight weakening in the yen. The currency traded at about 94.9 per dollar, compared to around 94 in early trade.
Real estate stocks were under pressure with Mitsubishi Estate down 2.4 percent, while Sumitomo Realty & Development eased over 1 percent. The sector has been behind the majority of the Nikkei's 23 percent gains since the start of 2013 as it is expected to benefit the most from Japan's push to reflate the economy.
(Read More: Nikkei May Now Be a Trade Only for the Brave)
Banks led the recovery story in Australian equities, taking the index to its highest levels in over a week at 4,818 points with Macquarie Group higher by 2.5 percent while Australia New Zealand Banking rose nearly 2 percent.
Miners declined, ignoring a rise in iron ore prices to $113.60 a ton. Lynas fell 6.4 percent and Panoramic Resources lost over 7 percent.
(Read More: Big Rally in Aussie Stocks a Mere 'Dead Cat Bounce'?)
Shares of property group Lend Lease skidded over 7 percent after the firm announced a restructuring of its Australian construction and infrastructure business.
Caution set in ahead of Tuesday's release of the minutes from the Reserve Bank of Australia's June meeting. Investors will be watching out for clues on the direction of further interest rate cuts.
"Several major investment banks have been calling for another rate cut before the Federal election. The issue with this call is that after the July meeting there will be six weeks till the September 14 election date. That will wipe out any chance of a cut in August or September. This means it's now or never, (post-September), for the cut," said Evan Lucas, market strategist, IG in a note.