Philippine benchmark stock index rose 2% to 6,428.14, the highest level since July 21.

Japan's population fell below 120 million for the first time in 42 years, dropping to 119,736,483 at the start of the year, Kyodo reported on Wednesday citing the Ministry of Internal Affairs and Communications. Japanese nationals declined by 917,000 year-on-year — the largest drop since comparable records began in 1968 — while foreign residents rose by 354,000 to a record 4,031,159. The ministry said the figures underscore challenges from a falling birthrate; the government is gradually easing restrictions on foreign labor and foreign resident numbers have risen for a fourth consecutive year.

Taiwan Stock Exchange weighted index (TAIEX) fell more than 3%.