Mainland bourses hit new highs
China's benchmark Shanghai Composite index clinched a fresh seven-year high as markets interpreted comments from Zhou Xiaochuan, governor of the People Bank's of China, over the weekend as indication of further stimulus. Zhou warned on Sunday that the world's second-largest economy needs to be vigilant for signs of deflation.
"[He] aired some concerns about the drop in China's growth rate and went on to add that the country has scope to respond without really clarifying what this means. This has been enough to see Chinese equities bid in a week where we have some key data due out of the country," Stan Shamu, IG's market strategist, wrote in a note.
Transport and financial stocks led gains; China Eastern Airlines bounced up 3.7 percent after delivering a 44 percent rise in 2014 profit. Lower crude oil prices also supported the sector, with China Southern Airlines and Air China up more than 5 percent, respectively.
Within the banking industry, Industrial and Commercial Bank of China finished 4.7 percent higher, while China Construction Bank and Bank of China closed up 3.3 percent each.
Read MoreHK retail rents drop as China shoppers stop
In Hong Kong, Cnooc - China's main offshore oil-and-gas producer - climbed 3.6 percent on the back of a robust year-end profit.
Italian luxury fashion house Prada pared gains to slip 0.1 percent, hurt by a 28 percent drop in profit amid a slowdown in China. Barclays maintained its 'underweight' rating on the stock.
Meanwhile, the broader Hang Seng index leaped 1.5 percent to a four-week high.
Read MoreAsia data this week may spell more stimulus
ASX falls 1.3%
Australia's S&P ASX 200 index finished at a one-and-a-half-week low on the back of a heavily-hit resources sector due to sliding commodity prices. Among miners, Fortescue Metals lost 3.8 percent, while BHP Billiton and Rio Tinto dropped 2.1 and 1.2 percent each. The oil and gas industry also saw steep declines, with Santos down nearly 7 percent.
Caltex Australia led declines after U.S. energy giant Chevron sold its entire stake in the refiner for $3.7 billion. Shares of Caltex Australia plunged 9 percent.
Providing some relief to the bourse on Monday was copper and gold miner PanAust, which soared 40 percent following news that China's Guangdong Rising Assets Management approached it with a takeover bid for the third time.