Investing.com - Asian shares were mixed on Wednesday with MSCI's broadest index of Asia-Pacific shares outside Japan struggling to stay in the black and Australia's S&P/ASX 200 down 0.3 percent.
Seeking to support growth, Japanese Prime Minister Shinzo Abe's cabinet approved a record $812 billion budget while cutting new borrowing for a third straight year.
The share market seemed underwhelmed, however, and the Nikkei 225 lost 0.8 percent.
China stocks however rose the most in a week, led by banks, amid speculation the government is taking measures to avert a cash crunch amid concern new share offerings will divert funds from existing equities.
China Construction Bank (HK:0939) Co. gained more than 2% on reports that the central bank rolled over a lending facility for banks.
The Shanghai Composite Index climbed 0.7% and the Hang Seng Index gained 0.2%.
Twenty-two companies in China, including Spring Airlines Co. and Wanda Cinema Line Co. started to market IPO shares this week.
Overnight, U.S. stocks were lower after the close on Tuesday, as losses in the Basic Materials, Oil & Gas and Health Care sectors led shares lower.
At the close in New York, the Dow Jones Industrial Average fell 0.15%, while the S&P 500 index lost 0.26%, and the NASDAQ Composite index lost 0.07%.