Nikkei falls 1%
Japan's benchmark Nikkei 225 index ended at a two-week low.
Major exporters traded in the red as the yen strengthened to its highest level since July 15 against the greenback. Toyota Motor fell more than 1 percent, while Nissan and Suzuki Motor eased 0.6 and 0.2 percent, respectively.
Bucking the selloff, Mitsubishi Motors elevated 5.5 percent after saying on Friday it will end production at its lone light-vehicle assembly plant in the U.S.
Canon closed down 0.8 percent before announcing a 16 percent fall in quarterly profit and a cut in its full-year earnings outlook. Financial services firm Monex Group, which was also due to release quarterly earnings late Monday, pulled back 1.5 percent.
ASX gains 0.4%
Australia's S&P ASX 200 index turned positive in the afternoon session, after touching its lowest level since July 14 earlier in the day, as the resources sector enjoyed some reprieve on the back of bargain hunting.
Gold miners such as Evolution Mining and Newcrest Mining bounced up over 4 percent each, while market bellwether BHP Billiton rebounded 1 percent.
However, Atlas Iron tumbled 70 percent to end at A$0.036 upon resuming trade on Monday. The troubled Pilbara iron ore miner requested the suspension of trade in its securities to be lifted on Friday, following its capital raising of more than $87 million.
Financials managed to recover late in the session; Commonwealth Bank of Australia, Westpac and Australia and New Zealand Banking Group pared losses to close up between 0.2 and 0.4 percent.
Ten Network announced a management shake-up prior to the market open, saying that executive chairman and CEO Hamish McLennan will step down from both roles. Shares of the commercial broadcasting network reversed course to settle 2.4 percent higher.
Kospi sheds 0.4%
South Korea's Kospi index ended Monday at a two-week low, while the won erased early losses to inch up 0.3 percent to 1,165.7 against the greenback. Earlier in the session, the currency touched $1,173.60 - a fresh low since June 2012.
Brokerage houses and pharmaceuticals were among the biggest losers; Hyundai Securities and Samsung Securities plunged 2.4 and 3.4 percent, respectively, while Hanmi Pharmaceutical and Hyundai Pharmaceutical tanked 7.1 and 4.4 percent, respectively.
Fortunately, large caps such as Hyundai Motor offset some losses on the back of expectations that a weaker won may help to improve exports. The carmaker climbed 4.3 percent, while its affiliate Kia Motors closed up 4.4 percent.