On the third day of the Shanghai-Hong Kong trade connect, both China's Shanghai Composite index and Hong Kong shares saw declines of 0.2 and 0.7 percent on the back of profit-taking. The Hang Seng index hit a one-and-a-half-week low late Wednesday.  Nearly 8 percent of the quota for "northbound" purchases of A-shares was used by mid-afternoon, according to Thomson Reuters data. The heavily traded Chinese stocks were SAIC Motor and Kweichow Moutai, which traded 4.7 and 1.7 percent lower.  Read MoreHong Kong protesters break into government building  Australia's S&P ASX 200 index hit a near-four-week low in its third straight losing session, as a persistent slide in the resources sector took a toll on the bourse.  Miners were downbeat on the back of declining iron ore prices; BC Iron and Fortescue Metals plummeted over 12 and 7 percent, respectively. Atlas Iron receded 4.7 percent while Rio Tinto closed down 2.5 percent.  "With iron ore at a five-year low and iron ore futures retreating sharply through Asian trade, the likes of Fortescue Metals and Atlas Iron are significantly weaker. Key support levels have been breached and I would not suggest trying to pick the bottom in these stocks," wrote IG's market strategist Stan Shamu.  Read MoreAustralian exports to China still face hurdles  After briefly touching a one-week high of 1,974, South Korean stocks lost early gains to finish little changed, on the back of nagging concerns over a weakening yen and its impact on domestic firms.  Earlier in the day, the country's Finance Minister said there was a "big concern about risks from yen weakness" and that the local economy's recovery was slightly weaker than previously thought, according to Reuters.  Meanwhile, the South Korean won fell to a fresh 14-month low of 1,106 late Wednesday.  Read MoreNew ideas needed for Japan's economy  New Zealand's benchmark NZX 50 index notched up 0.3 percent to close near a new record high of 5,524. Among gainers, gold prospector Oceanagold bolstered 6.3 percent.
Trading was mixed in Asia on Wednesday, as sentiment turned cautious amid concerns over the health of Japan - the world's third largest economy - and ahead of the release of the U.S. Federal Reserves' meeting minutes.