Shanghai slips 0.1%
Mainland shares reversed gains after hitting a new three-year peak earlier in the day due to profit-taking.
Earlier gains were underpinned by a rally in financial shares after a new launch date was announced for the Stock Connect program on Monday. Founder Securities increased over 7 percent while Agricultural Bank of China gained 6 percent.
Read MoreOne sector growing at double-digit pace in China
China Minsheng Banking rallied 2.5 percent after announcing that plans to sell 30 billion yuan in preferred shares onshore and offshore to raise capital.
ASX 0.1% lower
Australia's benchmark S&P ASX 200 index extended losses as investors shrugged off a survey from the National Australia Bank showing business conditions posting the biggest increase on record in October.
Miners BC Iron, Atlas Iron and Mount Gibson fell between 5 to 8 percent as spot iron ore continued to trade below $76 a ton, levels not seen since June 2009. Also weighing on sentiment were reports that a combined $10 billion were wiped off their market capitalizations since December 31.
Read MoreIron ore to suffer another double-digit dive in 2015
Fertilizer manufacturer Incitec Pivot rallied over 5 percent after increasing its final dividend to 7.3 cents from 5.8 cents a share and revealing a 33 percent fall in full-year net profit.