Shanghai up 0.3%
China's benchmark Shanghai Composite closed at a near two-month high for a second straight session, extending gains after Tuesday's 2 percent rally.
Mid-tier banks pulled back after rallying in the previous session, with Minsheng Bank leading losses by 1 percent. Investors also digested comments from the country's banking regulator. On Tuesday, officials said bad loans may rise this year, but will remain at 1 percent due to adequate provisions.
Read MoreShanghai stocks shake downtrend; three paths possible
Insurers declined despite news that rules for mergers and acquisitions in the sector will be relaxed. Insurers will now be able to buy stakes in more than one peer that competes in the same market segment. China Life Insurance eased 0.6 percent and Ping An Insurance lost 1 percent.
Meanwhile, fears of another corporate default weighed on sentiment after polyester firm Zhejiang Huatesi Polymer Technical asked a local court for bankruptcy protection in early March, according to an announcement on the Anji County People's Court website.
Kospi gains 0.3%
South Korean shares closed at a fresh 2014 high, extending gains for a second session.
KT Corp climbed 4 percent after saying on Tuesday that 70 percent of its workforce will be asked to voluntarily leave their jobs, according to the Korea Herald.
Read MoreEmerging Asia - home to hottest property markets?
India gains 1.6%
Indian shares resumed trade higher following Tuesday's public holiday and finished the session with a gain of 1.6 percent.