The Nikkei 225 Index fell 90.12 points, or 0.5%, to 19,254.03, its third straight session of losses.
The Hang Seng Index in Hong Kong gained 101.2 points, or 0.4%, to 23,782.27
Japan's fourth-quarter gross domestic product was revised up to 1.2% from the preliminary figure of 1%, as capital expenditure grew at its fastest pace in three years.
Australian markets were flat, with heavy losses in their materials sub-index, which was down 0.8%.
Markets in South Korea were also around the flatline, as traders paid attention to a possible ruling from the Constitutional Court on the impeachment of that country’s president.
Geopolitical risks in Asia are mounting, with the arrival of the first components of a U.S.-deployed Terminal High-Altitude Area Defense (THAAD) anti-missile system in South Korea.
The deployment of the system drew strong rebuke from China, even though the U.S. state department said it has told China that the deployment of the THAAD anti-missile system is no threat, but a response to North Korea's latest missile test.
South Korean companies in China have since reported cyber attacks, store closures and fines, while state-controlled media has called for a boycott of South Korean goods and services
The yen traded at 113.65 against the U.S. dollar, while the Australian dollar hovered at $0.795 U.S.
CHINA
In Shanghai, the CSI 300 slid 5.23 points, or 0.2%, to 3,448.73
Chinese cellphone equipment manufacturer ZTE agreed to plead guilty and pay about $900 million to the U.S. to settle allegations that it violated American laws by selling U.S. technology to Iran. ZTE did not trade on Wednesday, its price being 15.28 Chinese yuan per share.
Mainland Chinese markets finished mixed after it produced a rare trade deficit in yuan terms. Earlier, official data showed that exports in yuan-denominated terms had risen 4.2% from a year earlier, but imports advanced 44.7% year-on-year.
Late on Tuesday, government data showed that China's foreign exchange reserves unexpectedly rose for the first time in eight months in February. Reserves rose to $3.005 trillion U.S. in February, compared to January when reserves fell to $2.998 trillion U.S.
In other markets
In Taiwan, the Taiex added 15.38 points, or 0.2%, to 9,753.45
The Kospi Index in Korea inched ahead 1.36 points, or 0.1%, to 2,095.41
In Singapore, the Straits Times Index gained 14.85 points, or 0.5%, to 3,145.29
In New Zealand, the NZX 50 took on 10.59 points, or 0.2%, to 7,178.22
In Australia, the S&P/ASX 200 eked back 1.73 points to 5,759.66
