Over in South Korea, the Kospi slipped 0.4 percent to close at 2,097.58. Major heavyweights like Samsung Electronics and SK Hynix declined. Samsung shares fell 1.16 percent while SK Hynix declined 3.47 percent after dropping more than 4 percent earlier.
Shares of steelmaker Posco rose 1.92 percent after posting its highest quarterly profit since 2011 on the back of higher steel prices.
Speaking with CNBC's "Street Signs" on Wednesday, Daniel Yoo, head of global strategy at Kiwoom Securities, said that South Korea is currently the "cheapest market in the world."
Yet, Yoo said, the question remains whether "there will be any momentum for the stock market," with investors concerned about issues ranging from the country's heavy reliance on the information technology sector to corporate governance.
In Australia, the ASX 200 struggled for gains, closing lower by 0.24 percent at 5,829 as the heavily-weighted financial sector rose 0.14 percent. The energy subindex was down 2.07 percent as oil stocks sold off.
Shares of Santos fell 2.45 percent, Oil Search declined 1.97 percent and Woodside Petroleum was lower by 1.29 percent.
Oil prices gyrated between gains and losses during Asian hours, following sharp declines overnight. Global benchmark Brent fell 0.12 percent to $76.35 per barrel while the U.S. crude futures contract was fractionally lower at $66.41 per barrel.
Saudi Arabia said on Tuesday that it would continue to meet demand for crude despite the looming U.S. sanctions that are expected to reduce oil exports from Iran, according to Reuters.
Energy names in Japan also fell, with Inpex shares down 3.3 percent and Japan Petroleum off by 1.86 percent.