Meanwhile, the overnight yuan borrowing rate in Hong Kong rose to its highest level in five months, Reuters said.
Japan industrial production for April rose 4 percent from last month, compared to the 4.3 percent estimated by a Reuters poll. The yen was slightly stronger, with the greenback fetching as little as 110.78 yen after the news compared to around 110.84 earlier. Dollar/yen traded at 110.97 at 2:55 p.m. HK/SIN.
South Korea's LG Display reversed losses in early trade to gain 1.72 percent. Shares of the LG Display had jumped in the last session on news the company was "reviewing" an increase in its investments in flexible organic light-emitting diode (OLED) screen production, the Financial Times reported.
Shares of Mitsubishi Motor were higher by 0.84 percent to close at 718 yen a stock. In a note, Citi said it was upgrading its call on Mitsubishi Motor shares to "Neutral," following Nissan outlining its medium-term plans. Nissan has a controlling stake in Mitsubishi.
Citi analysts Arifumi Yoshida, Yingqiu Zhang and Manabu Hagiwara said there was an increased possibility of a "specific roadmap for long-term synergies with Mitsubishi Motor being delineated."
The dollar index traded at 97.439 at 2:52 p.m. HK/SIN.
"The dollar index remains under pressure despite drifting to a seven-night high overnight. The shallow retracement can be partly explained by lower liquidity due to (the) three-day weekend in the U.S. and weakness in the euro, neither of which are compelling reasons to buy the dollar," ThinkMarkets Senior Market Analyst Matt Simpson said in a Wednesday morning note.
Brent crude futures tumbled 0.93 percent to trade at $51.37 a barrel while U.S. crude fell 1.07 percent at $49.13. Prices of Brent crude had fallen almost 1 percent in the overnight session on worries about an oversupply in the oil markets.
After the long weekend, Wall Street closed lower on the release of key economic data stateside.