Chinese equities finished near a one-week session high late Wednesday, chalking up a two-day winning streak as the banking sector made gains.  Financials have driven the mainland rally in recent weeks, allowing the benchmark Shanghai Composite index to rocket 2.3 percent amid Tuesday's regional slump. Citic Securities and Minsheng Bank rose the maximum allowable 10 percent while Haitong Securities and Hua Xia Bank bolstered 8.3 and 7.4 percent.  Meanwhile, the yuan held steady against the dollar on Wednesday, after the central bank set its daily midpoint at a fresh 10-month high.  Read MoreUS puts hefty duties on solar goods from China, Taiwan  In Hong Kong, the key Hang Seng index inched down 0.2 percent to touch its lowest levels since October 3.  Geely Automobile traded 17 percent lower after warning that its 2014 net profit will be hit by foreign exchange losses from its Russian operations and a sharp fall in sales in its major export markets.  Trading in Li Ning shares, which were suspended on December 12, resumed today. The Chinese sports brand plunged over 10 percent after announcing plans to raise up to $218 million in an open offer of shares.  Read MoreJapan firms promise Abe to lift wages, urge reforms  Japan's benchmark Nikkei 225 bounced back from a brief six-week low at Wednesday's open, shrugging off a stronger yen and a softer than anticipated trade report.  Exporters were largely higher; Honda Motor reversed opening losses to add 0.9 percent despite a local newspaper said the carmaker is set to add over $168 million to expenses for air bag related recalls this financial year. But Panasonic and Nikon remained lackluster, losing 1.2 and 0.8 percent each.  On Tuesday, Tokyo shares ended at a five-week low, but traders said the correction likely run its course. "The technicals in the market are the real support for us today, with the Nikkei now propped up by its 50-day moving average of 16,554.52," Gavin Perry, managing director of Parry International Trading told Reuters.
Asian equities largely recovered from the week's rout on Wednesday as investors look ahead to the Federal Reserve's monthly meeting.