Japan's Nikkei 225 continued losing ground and finished 137 points, or 0.69 percent, lower at 19,748, as investors remained unconvinced by the new set of data released in the morning.
Japan's October industrial production was up 1.4 percent from the previous month while retail sales rose 1.8 percent for the month, year-on-year, despite anemic domestic spending.
Harumi Taguchi, principal economist at IHS Global Insights, said in a note Monday afternoon that despite an uptick in monthly industrial production, due to increases in machinery and transportation equipment, the overall level will likely remain weak near term, "until demand strengthens, which will encourage companies to invest in machinery and equipment."
She added, "The industrial outlook suggests a growth of only 0.2% m/m for November due to downside revisions to themajority of industry groupings, particularly for capital and non-durable consumer goods and a decline of 0.9% for December."
Kospi closes near 2 percent lower
The Seoul Kospi closed down 1.82 percent on Monday, as investors remain cautious over Asian equities.
Blue chip and tech companies were mostly down on the back of a surprise decline in industrial output for October. Industrial output fell 1.4 percent from the previous month as manufacturing lagged.
Shares of consumer electronics giant Samsung, LG Electronics steel manufacturer Posco, and KB Financial Group, SK Hynix, and Hyundai Motor were down, seeing between 1.17 and 3.24 percent declines.
Elsewhere, shares of Kakao Corp and KT Corp rallied after a consortium led by the two companies won a preliminary license from the Financial Services Commission (FSC) to launch South Korea's first internet-only bank, according to reports.