Japanese stocks saw gains on Wednesday following a Christmas Day plunge of both the Nikkei 225 and Topix.

The Nikkei 225 gained 0.89 percent to close higher at 19,327.06, while the Topix index saw gains of 1.12 percent to finish its trading day at 1,431.47. Shares of index heavyweight Fast Retailing, the company behind the Uniqlo chain of apparel stores, bucked the overall positive trend in Japan as they slipped 0.92 percent on the day.

The moves came after the share average plummeted around 5 percent on Tuesday, putting the index well into bear market territory as it was more than 20 percent off its high in October. The broader Topix index also ended more than 4.8 percent lower.

Over in South Korea, however, the Kospi slipped 1.31 percent to close at 2,028.01 as shares of industry heavyweight Samsung Electronics shed 1.16 percent.

The mainland Chinese markets, watched in relation to the trade spat between Beijing and Washington, slipped on the day. The Shanghai composite fell around 0.26 percent to close at about 2,498.29. The Shenzhen composite also slipped 0.42 percent to close at about 1,279.79, and the Shenzhen component slipped 0.584 percent to finish its trading day at around 7,289.55.

The Australian and Hong Kong stock markets were closed for a public holiday.