U.S. third-quarter gross domestic product is also due on Thursday, followed by October non-farm payrolls data on Friday.
Meanwhile, a stronger-than-expected U.S. service sector activity on Tuesday reinforced expectations for an eventual reduction in the Federal Reserve's monetary stimulus and led Wall Street shares to snap a two-session rise.
Nikkei up 0.8%
Japanese investors cheered as dollar- yen approached the 99 handle and as speculation rose that Toyota Motor would post strong earnings.
Toyota shares closed up 0.5 percent after public broadcaster NHK said the carmaker would lift its earnings guidance. After the market close, Toyota posted an 82 percent annual rise in interim profit and raised its annual operating forecast by 13 percent.
Nissan Motor ended nearly 3 percent higher after slumping over 10 percent on Tuesday.
(Read more: Will 2% inflation be enough for Japan?)
Index heavyweight SoftBank fell 2 percent on profit-taking while Fast Retailing shed 0.8 percent after reporting a 13.8 percent drop in September same-store sales at its Uniqlo clothing chain.
Meanwhile, minutes from the Bank of Japan's meeting earlier this month revealed that some central bank members felt the pace of gains in consumer prices may slow temporarily.
Shanghai dips 0.8%
China's benchmark index erased earlier gains to approach Tuesday's one-week low ahead of trade data on Friday and this weekend's major Communist Party policy meeting.
Automakers weighed with SAIC Motor leading declines by 3.3 percent after Beijing city officials said they would cut new car sales quotas by nearly 40 percent next year to reduce vehicle emissions and pollution.
But a rally in oil producers capped larger losses. Guanghui Energy jumped 4.6 percent, Sinopec increased over 2 percent and Petrochina added 1.3 percent.
(Read more: China's new plan for growth—less governance?)