In other currencies, the Australian dollar touched a two-year high, trading at $0.7926 at 3:13 p.m. HK/SIN following what markets perceived as a hawkish slant in the central bank's minutes released Tuesday and the dollar's weakness.
Oil prices trended lower. Brent crude futures declined 0.16 percent to trade at $48.76 a barrel and U.S. West Texas Intermediate crude edged down 0.13 percent to trade at $46.34.
In individual stocks, Australian banks traded mostly higher after regulators said the capital requirement for the country's four biggest banks would be increased by 2020. At the end of the trading session, ANZ was up 3.92 percent, Westpac rose 3.8 percent and National Australia Bank gained 3.06 percent.
"The shares are up due to a relief rally given the announcement was not as negative as it could have potentially been," Regal Funds Management portfolio manager Omkar Joshi told CNBC.
"While the capital requirements are increasing, the banks are fairly well-placed to get to (the) Australian Prudential Regulatory Authority's minimum requirements organically over the next few years," Joshi added.
Shares of Rio Tinto were also in focus. Analysts said Rio Tinto's 2017 dividend could be the highest in the company's history due to higher iron ore prices, the Australian Financial Review reported. The diversified miner lowered its guidance for iron ore exports on Tuesday. Shares of the company were down 0.68 percent.
In Japan, petroleum company Idemitsu Kosan said it would issue 48 million shares after a court turned down the company founders' attempt to prevent the offering. The Idemitsu family, who founded the company, are at odds with management's plans to acquire Showa Shell Sekiyu. The sale of new shares would dilute the family's stake in the company and reduce their ability to veto, Reuters said. Shares of the company closed up 1.97 percent.
Shares of Singapore telco M1 tumbled 7.62 percent after Axiata Group said Tuesday that it was aborting a strategic review of its shareholding in the company. The drop in share price also followed news the company experienced a 20.8 percent fall in second-quarter earnings, local media reported.
Meanwhile, NetLink NBN Trust, Singapore's largest IPO in six years, began trading at 3:00 p.m. HK/SIN at 0.815 Singapore dollars ($0.62) each, Reuters reported, slightly above the company's offer price of 0.81 Singapore dollars ($0.59).
In economic news, the Bank of Japan began a two-day policy meeting Wednesday.
Stateside, stocks closed mostly higher in the last session as earnings season continued.
Ahead, U.S. housing starts and oil stocks data from the Energy Information Administration were due during U.S. hours.