Shares in China took a tumble on Monday after regulatory curbs on aggressive share purchases by insurers ahead of the highly-anticipated U.S. Federal Open Market Committee's two-day meeting starting Tuesday, while politics dominated news flows in other markets.
In Japan, the Nikkei 225 Index gained 158.66 points, or 0.8%, to close at 19.155.03, as the yen weakened against the U.S. dollar, trading at 115.63 as of mid-afternoon Monday, compared to levels around 113 last week.
The Hang Seng Index in Hong Kong dropped 327.96 points, or 1.4%, to 22,433.02
In other news in Hong Kong, the special administrative region's Financial Secretary John Tsang resigned from his post after announcing that he would run for the role of chief executive.
New Zealand markests closed down as the country's ruling party announced Bill English as the new prime minister, following the surprise resignation of John Key last Monday.
In South Korea, the Kospi closed up, as South Korea struggles with a corruption scandal which led to the a parliamentary vote on Friday to impeach incumbent President Park Geun-hye. South Korea's finance minister warned on Sunday that the impeachment could weigh on sentiment in the east Asian country's economy.
South Korean prosecutors have also indicted two former government officials, one a former senior presidential aide and another a former vice minister.
Oil prices soared in early Asian trade, as investors react to the weekend's news of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries led by Russia arriving at their first output cutting agreement in Vienna, a first since 2001. The deal will help to ease a global supply glut after more than two years of low prices.
Major oil companies in the region were higher. Australia's Santos added 5.1% to A$4.52 and Oil Search was up 3.6% at A$7.16 each share, Japan's Inpex was up 0.8% to 1,257.5 yen and Japan Petroleum Exploration was up 3.8% at 2,894 yen. Hong Kong-listed Petrochina was up 0.9% at HK$5.49 a share and China Petroleum was up 0.9% at 5.46 yuan.
CHINA
Shares in China plunged after the insurance regulator said late last Friday that it would curb "barbaric" stock acquisitions by insurers
In Shanghai, the CSI 300 slumped 84.52 points, or 2.4%, to 3,409.18
In other markets
In Korea, the Kospi regained 2.55 points, or 0.1%, at 2,027.24
The Straits Times Index in Singapore eased 3.94 points, or 0.1%, to 2,952.19
In Taiwan, the Taiex Index slouched 42.74 points, or 0.5%, to 9,349.94
The NZX 50 slid 17.26 points, or 0.3%, at 6,876.04
Australia's ASX 200 improved 2.21 points at 5,562.83
