Asian shares were mixed on Wednesday due to caution over the Federal Reserve's policy meeting and the health of China's property market.
The Federal Open Market Committee concludes its two-day policy-setting session later in the day, and is widely expected to continue its current path of tapering while holding its benchmark interest rate near zero.
(Read more: Former Fed Governor: Rates will rise by end of this year)
Traders ignored gains in global markets overnight, where Wall Street and European stocks rose for a second straight session after Putin signed a treaty on Tuesday formally making Crimea part of the Russian Federation, but said he was not looking to take control of any other regions of Ukraine.
Shanghai eases 0.2%
Fears over a crisis in China's real-estate market dominated trade for a second session after property developer Zhejiang Xingrun reportedly defaulted on its debt on Tuesday, less than two weeks after the mainland's first onshore corporate bond default.
Vanke and Poly Real Estate lost over 1 percent each while Gemdale shed 2 percent, extending the previous day's declines.
(Read more: Are China's A-shares the next big thing?)
The nation's top aluminium producer, Chalco, rose 0.3 percent after posting a full-year net profit.
Meanwhile, the yuan fell to its lowest level since April 2013 since its trading band was widened at the weekend.
Nikkei 0.3% higher
Japan's benchmark Nikkei leapt to a one-week high despite weak trade data. The economy recorded a larger-than-expected deficit last month while exports rose an annual 9.8 percent, below estimates for a 12.4 percent gain.
(Read more: Japan's exports still not getting a weak-yen boost)
Fast Retailing climbed nearly 2 percent on reports that it is no longer in talks to buy J.Crew Group.
Real-estate stocks closed mixed after data on Tuesday showing land prices in metropolitan areas rose at their fastest pace in six years in 2013. Mitsubishi Estate added 1.5 percent while Mitsui Fudosan inched down 0.1 percent.
Japan Display, the world's largest maker of smartphone screens, slumped 17 percent in its market debut after raising more than $3 billion in its initial public offering.
ASX inches up 0.2%
Australia's benchmark eked out slim gains in the final hour of trade while the Australian dollar hit a three-month high against the greenback at $0.9137.
Department store operator David Jones closed down 0.3 percent despite first-half net profit beating forecasts.
Property group Stockland lost 2.6 percent after purchasing a 19.9 percent stake in rival Australand Property.
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Kospi slides 0.1%
South Korea's benchmark Kospi index snapped its two-day winning streak in a quiet session after producer prices dropping an annual 0.9 percent in February.
Blue-chips Hyundai Motor tanked 1.7 percent while Samsung Electronics ended 0.7 percent lower.
SET falls 0.6%
Thai shares initially rose on news that the two-month old state of emergency in Bangkok will be lifted, but finished the session lower by 0.6 percent.
— By CNBC.com's Nyshka Chandran. Follow her on Twitter @NyshkaCNBC