Japan's Nikkei stock index was up 0.5 percent in early trading, on track for an unprecedented 17th straight session of gains after the victory of Prime Minister Shinzo Abe's coalition in Sunday's election raised investors' hopes of continued yen-weakening stimulus.
Investors are closely watching China and the 19th Communist Party Congress, which winds up on Tuesday and at which President Xi Jinping is expected to release the composition of the Standing Committee - the apex of power in the country.
Japanese Prime Minister Shinzo Abe's ruling coalition secured a two-thirds "super majority" after winning 312 out of 465 seats available at Sunday's election, Reuters said, citing local media. Abe's solid win at the polls points to a continuation of fiscal and hyper-easy monetary policies under his Abenomics program.
Shares in New Zealand slipped 0.1 percent, snapping 13 gaining sessions, after the nationalist New Zealand First Party agreed to form a new government with centre-left Labour Party following weeks of political negotiations.
The benchmark Nikkei 225 index was flat in early trade after posting gains for the 11th straight session on Tuesday. Most automakers recorded losses while tech stocks were mixed: Mitsubishi Motor was down 1.43 percent, Nissan slid 0.51 percent and SoftBank Group declined 0.32 percent.
Japan's Nikkei 225 climbed for a ninth straight day, with investors looking to extend gains after the benchmark index touched a fresh 21-year high in the last session. The index was up 0.7 percent.
Japan's Nikkei 225 was little changed, with the index sliding 0.04 percent a day after touching a 21-year high. Gains in retail names were offset by losses in blue-chip auto and tech stocks: Fast Retailing soared 3.53 percent, Toyota was off 0.71 percent and Softbank Group lost 0.45 percent.
MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.15 percent.
South Korea's benchmark Kospi index made cautious gains, climbing 0.1 percent after closing lower by more than 1 percent in the previous session.
Japan's Nikkei 225 rose 0.35 percent, with gains in automakers, trading houses and financials driving the broader rise in the index. Across the Korean strait, the Kospi traded just below the flat line, falling 0.03 percent.
The Nikkei/IHS Markit Manufacturing Purchasing Managers' Index fell to 47.9 in July from June's 50.9, its first reading below the 50 mark that separates growth from contraction since December and its lowest reading since February 2009.
In Australia, the benchmark S&P/ASX 200 index was higher by 0.26 percent, driven by strong showings in its materials sub-index, which was up 1.57 percent.
Yellen is scheduled to take part in a discussion on global economic issues at London's Royal Academy and a number of other top Fed officials are also due to speak later in the global day.
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.2 percent, while Japan's Nikkei put on 0.5 percent.
The pound shed almost three U.S. cents in hectic trade, or close to 2 percent, while futures for the FTSE lost 0.5 percent on speculation the left-leaning Labour Party might actually be able to form a coalition government.
With U.K. elections, an European Central Bank policy meeting where policymakers may take a less dovish stance, and former FBI director James Comey's Senate testimony on all set for Thursday, market participants will be wary of taking big positions.
The S&P/ASX 200 tumbled 1.02 percent, driven by broad declines in the utilities, financials and energy sub-indexes. Major banking and resource stocks traded in the red.
The attackers first drove into pedestrians on London Bridge, then headed to Borough Market before being shot by police. At least seven were killed and 48 injured following the attack. Twelve individuals have already been arrested in the wake of the attack, which the Metropolitan Police said is being treating as a terrorist incident.
Data shows foreign investors, who make up 70 percent of trading activity in the Tokyo market, rushed to cover short positions as a rally from the year's low on April 17 gathered momentum.
The Nikkei 225 edged 0.13 percent lower in early trade. The S&P/ASX 200 was effectively flat, trading 0.01 percent lower.
Japan's Nikkei 225 was down 1.16 percent on the back of the stronger yen. The ASX 200 was lower by 0.73 percent, driven mainly by in its materials and energy sub-indexes, which sank 2.54 percent and 1.68 percent respectively.
Japan's Nikkei 225 fell 1.19 percent. The Nikkei share average is trading at its lowest since December last year. The ASX 200 dipped 0.05 percent while the Kospi was marginally higher and trading 0.07 percent higher.
Japan's Nikkei added 0.8 percent early on Friday after touching a four-month low on Thursday. It's set to post a 0.85 percent loss for the week.
Lingering fears of a possible trade war kept Asian markets on edge. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.2 percent