Japan's Nikkei average suffered the biggest one-day loss in six weeks on Wednesday (October 2), having failed to maintain earlier gains in a choppy session, after Prime Minister Shinzo Abe's stimulus package unveiled the previous day offered little impetus for fresh buying.

Although global shares rose modestly on hopes that the U.S. government shutdown may not last long, many investors remain cautious with no clear solution in sight for the more important agenda of raising the federal debt ceiling by mid-October.

The Nikkei closed down 2.2 percent at 14,170.49, its lowest closing level in 3-1/2 weeks, after trading as high as 14,569.20 during the session. The benchmark is still up 36 percent this year, underpinned by the government's aggressive fiscal and monetary stimulus steps.

The broader Topix dropped 1.5 percent to 1,175.16 in relatively subdued trade, with 2.90 billion shares changing hands.

Presented by Adam Justice