Asia stocks closed mostly lower on Thursday as monetary stimulus from the People's Bank of China failed to lift sentiment amid uncertainty over Greece and oil.
Late on Wednesday, the Chinese central bank reduced reserve requirements for banks by 50 basis points for the first time in two years. The move marked a change from the central bank's previous low-profile attempts to increase liquidity and follows the trend of global monetary stimulus seen in the past month.
"We think the impact [of the RRR cut] on the real economy is positive but it is not enough to stabilize the economy, as it helps to raise loan supply but loan demand may remain weak. We expect more easing measures to come, such as another RRR cut of 50bps in Q2," Deutsche Bank economists said in a note.
Worries about Greek debt were in focus after the European Central Bank (ECB) banned the use of Greek government bonds as collateral for ECB cash on Wednesday, saying "it is unable to assume a successful end to the Greek government's bailout talks."
Meanwhile, oil prices remained a source of market volatility with Brent crude swinging between gains and losses in the Asian session.