Japan's Nikkei 225 index scaled a fresh 15-year high of 19,349, but gave up gains at the end of the day as industrial robot maker Fanuc turned negative. The index heavyweight, which was a key contributor of the benchmark index's surge above the 19,000 mark last week, settled 0.6 percent lower.
Some exporters such as Suzuki Motor and Nintendo provided some support for the bourse, up 2.7 and 1.4 percent each. Financials also raked in gains, with Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group notching up 1 and 1.6 percent each. Fukuoka Financial Group, meanwhile, made it to the list of top gainers, up 4.6 percent.
On Monday, the Bank of Japan (BoJ) commences its two-day monthly meeting and analysts expect the central bank to "stay put" on its pace of quantitative easing.
"The BOJ is likely to stay put because there's no need to do anything. The fundamentals in Japan are finally coming together, with wage growth accelerating, business investment expenditure rising and corporate governance improving," Jesper Koll, MD & head of Japan equity research at JP Morgan, told CNBC's "Street Signs Asia."
A combination of a strong domestic recovery, plus the focus on shareholder value, make a good stock market," he added.
Read MoreAsia hinges on central bank actions this week
ASX falls 0.3%
Australia's S&P ASX 200 index closed down modestly after trimming losses from earlier steep falls of nearly 1 percent with the help of financials. The big four lenders rebounded in mid-morning trade, with National Australia Bank and Commonwealth Bank of Australia eventually finishing 0.5 percent higher each, offsetting losses from the resources sector.
Oil-related majors were stung by the turmoil in oil prices. Oil Search slumped 3.8 percent, while Woodside Petroleum and Santos tanked 2.2 and 2 percent each.
The mining space, meanwhile, saw a mixed picture as iron ore dropped to $57.66 a tonne overnight. BHP Billiton eased 1.2 percent, while Fortescue Metals and Rio Tinto rose 0.5 and 0.7 percent, respectively. Copper miner Sandfire Resources retreated 1.8 percent after OZ Minerals offloaded its 19 percent stake in the miner last Friday.