After scaling a fresh 15-year peak earlier in the day, Japan's Nikkei 225 pulled back and eventually settled in neutral terrain. The Tokyo bourse touched 20,320 points in intra-day trade as a weaker yen overnight and Wednesday's upbeat first-quarter growth figures buoyed sentiment.
The day's top performer was Panasonic, which closed up 2.3 percent at its highest level since October 2008, after it said it would increase its investment in the automotive business industry. Following the announcement, Nomura Securities raised its rating to "buy" from "neutral," further driving interest for the stock.
MS&AD Insurance closed up 5.4 percent on the back of plans to buy back up to 10 million shares.
Meanwhile, the Bank of Japan kicks off its two-day policy meeting on Thursday.
Read MoreWhy one strongquarter won't save Japan's year
ASX rises 0.9%
A softer Aussie dollar helped the benchmark S&P ASX 200 index to brush off pressure from falling commodity prices and finish higher on Thursday,
"A stronger US dollar has played a big role in some of the key regional markets. While the Fed's minutes essentially took a June rates lift-off possibility off the table, the U.S. dollar still managed to rally against the majors." Stan Shamu, IG's market strategist, wrote in a note.
Miners defied the 2.4 percent drop in iron ore price overnight; Fortescue Metals closed up 2.4 percent, while Rio Tinto and BHP Billiton moved up more than 1 percent each. Energy producers Oil Search and Woodside Petroleum elevated 1.8 and 1.6 percent, respectively.
Within the financial sector, Commonwealth Bank of Australia, Australia and New Zealand Banking and Westpac Banking rebounded more than 1 percent each, while National Australia Bank held on to a 0.5 percent drop.
Outperforming the bourse, building products group James Hardie Industries leaped 11.6 percent after reporting a 12 percent rise in full-year profit.
Meanwhile, the New Zealand government is expected to return to budget surplus in 2016 for the first time in eight years, said finance minister Bill English as he delivered the country's annual budget on Thursday. However, the surplus will be smaller than previously estimated due to low dairy prices and a reduced tax take.
The local stock index inched up 0.234 percent, while the kiwi dollar ticked up 0.4 percent to fetch $0.7330 against the U.S. dollar.
Read MoreHow to cool housing hot spots, Down-Under style
Kospi loses 0.8%
South Korea's Kospi index saw its biggest single-day fall in two weeks as profit takers swooped in following Wednesday's three-week closing high.
All of the top 5 weighted stocks declined, with Shinhan Financial falling the most by 2.06 percent. Following a two-day rally, Samsung Electronics eased 1 percent, while Hyundai Motor receded 1.9 percent.
Recent top performers such as Kia Motors and Shinsegae also took a beating, by closing down more than 2 percent each.