Asian shares were mostly positive on Wednesday, after brushing off a North Korean ballistic missile test ahead of an upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping.
The U.S. military and South Korea's Yonhap reported that North Korea launched a medium-range ballistic missile from a land-based facility, ahead of a summit between U.S. and Chinese leaders on Thursday and Friday. Following the missile test, Japanese Prime Minister Shinzo Abe cautioned that North Korea could take further action.
But one strategist told CNBC that North Korea's latest missile test is not any different from previous acts of defiance. He added that investors should not be overly concerned.
"Geopolitical tensions are something that you need to keep in mind but in most cases, it doesn't actually impact your portfolio," said Viktor Shvets, head of strategy at Macquarie Securities Group, adding that these tensions are here to stay in the near future.
A senior White House official said Tuesday evening U.S. time that the meeting between President Donald Trump and Chinese President Xi Jinping is seen as the first step in a "results-oriented relationship." The official added that Trump sees North Korea as a test for the U.S.-Chinese relationship.
The ASX 200 traded up 0.34 percent or 19.6 points to finish at 5,876.20. Gains were largely supported by the materials sub-index, which surged 2.19 percent, and the energy sub-index, which jumped 1.52 percent.
Japan's benchmark index was higher by 0.27 percent or 51 points to finish at 18,861.27.
Sources told Reuters on Tuesday that Toshiba appealed to its creditors for a new loan and offered a stake in its memory chip unit as collateral.
The Japanese conglomerate's semiconductor business is currently in the process of being split off, after it reported a multi-billion dollar loss related to its U.S. nuclear power plant construction subsidiary. Shares of Toshiba spiked 3.92 percent at 214.9 yen per share.
South Korea's Kospi closed effectively flat at 2,160.85, amid geopolitical concerns on the Korean peninsula.
South Korea's central bank chief Lee Ju-yeol said policy efforts are needed to restore private consumption that have been affected by several factors, including the political scandal involving ousted President Park Geun-hye.
Mainland Chinese shares resumed trading in positive territory after two days of public holiday. The Shanghai composite gained 1.48 percent and Shenzhen composite surged 1.85 percent. Meanwhile, Hong Kong's Hang Seng index was higher by 0.16 percent at 3:22 pm HK/SIN.