China shares mixed
China's benchmark Shanghai Composite index eked out a 0.1 percent gain to end at a seven-week high, while the yuan continued to trade near a one-month high against the dollar. Investors digested news that the central bank will quicken interest rate liberalization and preparation for setting up a deposit insurance system this year.
Read MoreFrom weak to strong:China's yuan changes track
Dairy producers rallied on news that Beijing approved a restructuring plan for the industry. Bright Dairy and Food rose 2 percent while Inner Mongolia Yilli Industrial added 1 percent.
Hong Kong stocks meanwhile traded 0.3 percent lower, retreating from a previous five-month high.
ASX dips 0.3%
Australian shares fell after rising to a one-week high on Tuesday despite a private measure of consumer sentiment rebounding 0.2 percent in June from May's 6.8 percent slump.
Miners fell with copper prices trading at a one-month low; Fortescue Metals lost 2 percent and BHP Billiton fell 1 percent.
Travel agency Flight Centre rose 1 percent after saying on Tuesday that it expects to hit the lower end of its underlying profit range for the financial year to June.