ASX adds 0.3%
Australia's resource-heavy S&P ASX 200 index ticked up to its highest close since June 25, while the Australian dollar recovered from its lowest level against the greenback since May 2009.
Gold producers were the hardest-hit; Newcrest Mining and Evolution Gold sank more than 10 percent each, while Alacer Gold and Kingsgate Consolidated lost 9.7 and 8.2 percent, respectively.
Major lenders turned positive in the afternoon session, recovering from the Australian Prudential Regulatory Authority's decision to raise bank capital requirements for home loans to at least 25 percent, from 16 percent currently, starting July 2016. Australia and New Zealand Banking jumped 1.3 percent percent, while National Australia Bank and Commonwealth Bank of Australia added 0.4 and 0.3 percent, respectively.
Shares of Sonic Healthcare gave up nearly 3 percent after the medical laboratory-services provider reduced its earnings forecast for the just-ended financial year.
Read MoreThis week in Asia: 5 key data to watch
Kospi sheds 0.2%
South Korea's Kospi index tracked regional sluggishness to close down modestly, while the won ended Asian trade at a two-year low of 1,152.1 against the U.S. dollar.
The heaviest weighted stock, Samsung Electronics, tanked 2.3 percent, contributing significant downside pressure on the bourse.
Samsung C&T and Cheil Industries saw another day of hefty losses, down 3.4 and 2.2 percent, respectively. Shares of both companies went downhill after a majority of the former's shareholders approved a merger with its sister company last Friday.
Chemicals and battery maker LG Chem climbed more than 2 percent earlier in the session following the announcement of a 56 percent rise in second-quarter net profit, but its shares eventually succumbed to the downbeat sentiment and ended down 0.2 percent.
Straits Times adds 0.4%
Singapore shares touched its highest level in seven weeks, thanks to a 7.4 percent jump in shares of Neptune Orient Lines.
The company's stock soared as much as 10 percent earlier in the session after people familiar with the matter said last week Singapore's sovereign wealth fund Temasek Holdings has put the shipping company up for sale.