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The dollar remained broadly supported, trading around its highest level since mid-November against a basket of currencies, with many investors expecting the US Federal Reserve to further trim its bond-buying next week.
European shares are seen edging up slightly after glimmers of corporate optimism and solid German sentiment data helped to push them to a 5 1/2-year high the previous day, with Germany's DAX seen rising 0.2% at the opening.
The CSI300 of the largest Shanghai and Shenzhen A-share listings gained 2.3% to its highest intra-day level since January 9, recovering from six-month lows hit on Monday on worries about a cash squeeze and possible default of a trust loan.
"The cyclicals and the blue chips are leading the rebound today, which usually point at policy relief. It's more a relief rally at this point, especially since some of these growth-sensitive counters have been hit quite badly," said Cao Xuefeng, a Chengdu-based analyst with Huaxi Securities.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%. So did Japan's Nikkei, which erased losses incurred when the Bank of Japan did not hint at any additional easing.
Australian shares fell 0.2% after an unexpectedly large spike in inflation reduced the prospects of a rate cut, though the data also helped to lift the Australian currency 0.7% to $0.8866.
Against other currencies, the US dollar held firm, with the dollar index almost flat at 81.072, after having risen as high as 81.388 on Tuesday.
The euro traded at $1.3556, not far from a two-month low of $1.3508 hit on Monday while the dollar stood at 104.30 yen, not far from a five-year high of 105.42 yen hit on January 1.
The yen's rebound after the BOJ's decision proved short-lived, with traders now focusing on the Governor Haruhiko Kuroda's news conference at around 0630-0715 GMT.
The Canadian dollar drooped near a four-year low ahead of a policy announcement from the Bank of Canada later in the day, with many traders speculating it could shift policy bias from neutral to easing.
The Canadian dollar traded at C$1.0967 per US dollar, having touched $1.1019 on Tuesday.
In contrast, investors expect the Fed to trim its monthly bond-buying by around $10 billion to $65 billion at its Jan 28-29 meeting, the last one under outgoing Chairman Ben Bernanke. The Fed in December decided to cut purchases by $10 billion.
A fresh cut could unsettle emerging markets, as foreign investors re-route funds back towards US markets on further signs of a healthier economy.
THAI BANK MEETS
The Thai central bank meets on Wednesday and could cut rates to shore up a sagging economy hit by months of political unrest, putting renewed pressure on the Thai baht.
Bangkok has declared a 60-day state of emergency, saying it wants to prevent any escalation of more than two months of protests aimed at forcing Prime Minister Yingluck Shinawatra from power.
The baht stood little changed at 32.87 to the dollar, not far from a four-year low around 33.13 hit this month.
"Thai financial markets are relatively calm for now. But if the political standoff drags on, then there will be delays in infrastructure investment and larger economic implications," said Yukino Yamada, senior strategist at Daiwa Securities.
Turkey, another emerging economy hit by political turmoil, saw its currency plunge to a record low on Tuesday after its central bank shied away from hiking interest rates, bowing to what many investors see as pressure from a government bent on maintaining growth ahead of elections.
Oil prices rose on hopes of stronger demand, with US crude futures rising 0.5% to its highest since January 3.
But possibly pointing to a patchy global growth, iron ore prices fell to its weakest level in more than six months on slow demand from top importer China.
