The star performer in Asia was the China A50 which was led by a strong showing by the financial sector, amid expectations of further stimulus measures.
The basket of the largest 50 A Share Chinese companies by total market cap is pushing five-year highs after jumping 58% over the year.
It broke through the key 10,000 point level earlier this month, after a streak of 13 positive sessions that provided a 36% lift.
Among the worst performers was Malaysia’s KLCI, which suffered a 5.4% dip that was largely driven by the oil and gas sector.
South Korea’s KOSPI also underperformed. It dropped 4.8% over 2014, extending the loss of 0.6% in the previous year. A slump in corporate earnings had hit sentiment, which was compounded by a weaker yen posing more competition on the export front.