Asian stocks were under pressure on Wednesday as concerns rose if a bailout deal was still possible for Cyprus while Greater Chinese shares ignored the news to outperform the market as attention turned to domestic issues.
The Hang Seng Index rebounded from a three-month low and mainland shares closed at a one-week high. Meanwhile, Seoul's Kospi hit a one-month low and Australia's benchmark S&P ASX 200 clawed back losses to end above a five-week low.
Japanese financial markets were shut on Wednesday for a public holiday.
Investors are hoping that Cypriot Finance Minister Michalis Sarris' last-minute trip to Russia in search of bailout 'plan B' will secure the island nation's financial rescue after lawmakers soundly rejected a plan to levy bank deposits.