Shanghai Comp up 0.7%
China's benchmark Shanghai Composite index advanced nearly 1 percent to settle at a two-week high.
Transport-related counters were buoyant seemingly on the back of lower oil prices; China Southern Airlines and China Eastern Airlines jumped 3.4 and 2.5 percent, respectively, while Air China closed up 1 percent. Among the carmakers, SAIC Motor and Dongfeng Auto tacked on 1.7 and 0.8 percent, respectively.
Meanwhile, Hong Kong shares sagged 0.4 percent due to a broad-based decline among H-shares, Macau gaming plays and a curious tumble in the shares of solar firm Hanergy Thin Film Power Group controlled by Chinese tycoon Li Hejun. The stock was halted from trading after falling nearly 50 percent in the first hour of trade.
Read MoreRide the hot China market now, but beware
Australia's S&P ASX 200 index cut losses to finish in neutral territory, after hitting its lowest level since January 30 in intra-day trade.
Liquified Natural Gas lost 5 percent, while Santos and Origin Energy eased 3.8 and 2.2 percent, respectively, after crude oil prices settled down 3.65 percent at $57.26 a barrel overnight. Iron ore miners also extended losses as the commodity fell to $58.63 a tonne; Fortescue Metals and BHP Billiton closed down 6.8 and 2.7 percent, respectively.
The banking sector, which accounts for nearly 30 percent of the Sydney bourse, also weighed on the bourse. All four major lenders finished in the red, with Commonwealth Bank of Australia lead losses by closing down 0.4 percent.
Despite a jump in a private survey of consumer sentiment index, retailers traded mixed, with Myer and JB Hi-Fi retreating 1.7 and 2.2 percent, respectively. The survey, done by Melbourne Institute and Westpac Bank, showed its index of consumer sentiment rose a seasonally adjusted 6.4 percent in May.
Read MoreSamsung prepping for change of style, rather than strategy
Kospi gains 0.9%
South Korea's Kospi index closed up at a three-week high, as its top-weighted stock Samsung Electronics and brokerage houses attracted hefty buy orders.
Samsung rallied 2.2 percent, while Samsung Securities and Daewoo Securities advanced 6 and 5.2 percent, respectively. Securities firms have been on a tear since the Korea Exchange said on Tuesday that the daily price movement band for stocks listed on the country's two main exchanges will be doubled to 30 percent from June 15.
GS Engineering & Construction (GS E&C) receded 1.5 percent after the builder called off a $1.41 billion order to build petrochemical plants in Kazakhstan.