Shanghai 0.5% lower
China's benchmark index fell following reports that the People's Bank of China will skip Thursday's open-market operations. Investors also stayed on the sidelines ahead of this weekend's Communist Party's policy meeting and key economic data due on Friday.
(Read more: Will China's Plenum be a watershed event for stocks?)
Industrial and Commercial Bank of China and Agricultural Bank of China rose 0.8 percent each after the China Securities Journal reported that the mainland's 'Big Four' banks extended $29.8 billion in loans this month, the lowest level of the year.
Sinopec skidded nearly 4 percent on news that state-owned parent company China Petrochemical plans to buy back a 2 percent stake in the subsidiary.
Sydney slips 0.2%
Australia's share market slightly widened losses after data showed the nation only added 1,100 jobs in October, well below forecasts for a rise of 10,000 jobs. The Australian dollar fell 0.4 percent against the greenback on the news.
"It's important to note that employment is a lagging indicator of the economy and the softness we are seeing now reflects the weakness in the economy seen over the last year. While the labor market remains very weak, it's not weak enough to justify another rate cut from the RBA," said Shane Oliver, Head of Investment Strategy and Chief Economist at AMP Capital.
Mining services firm Ausdrill plunged 29 percent after flagging a decline in earnings for the year ahead.
(Watch now: How are miners faring amid weak bullion prices?)
Australia New Zealand Banking and National Australia Bank tumbled 4.2 and 3.3 percent, respectively, as they traded ex-dividend.