China Caixin services PMI, an economic indicator of the services industry, came in at 51.8 for April.
The dollar index, a measure of the greenback against a basket of global currencies, rose 0.25% on 4 May.
The China Caixin manufacturing PMI stood at 49.4 for April, indicating contraction in activity.
Investors disappointed as they were expecting Bank of Japan to introduce a stimulus package.
US data indicated that the country grew in the first quarter but at its slowest pace in two years.
The US Federal Reserve too decided not to increase interest rates.
US Federal Reserve not expected to increase interest rates.
The US Federal Reserve's two-day policy meeting concludes on 27 April.
West Texas Intermediate and Brent slide as stronger dollar and profit-taking send oil prices down.
The US Federal Reserve, Bank of Japan and the Reserve Bank of New Zealand will have their meetings this week.
Travelers, Verizon and a few other US companies have reported poor earnings.
Nomura Holdings has advised investors to keep away from China's market.
Kuwait strike has affected more than 60% of the country's oil production.
This follows failed talks among oil producing nations such as Saudi Arabia and Russia in Doha on 17 April.
Talks collapse over Saudi insistence that Iran too must take part in capping output.