MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 percent.

Trump's much awaited tax cut package fell short of the kind of comprehensive tax reform that both parties in Washington have sought for years and left investors unimpressed as the plan did not cover the funding of tax cuts.

Meanwhile, Bank of Japan kept its policy unchanged, as expected, but the governor's comments suggested that the central bank will significantly lag its US and European peers in exiting its massive stimulus programme.

BOJ prefers to maintain the status quo on monetary policy for the time being, analysts said.

In Southeast Asia, Philippine shares fell the most, snapping five straight sessions of gains.

Investors took profit after a strong rally in the market, said Jeremy Yumul, an analyst with RCBC Securities.

Philippine President Rodrigo Duterte said on Thursday it was pointless discussing at a summit of Southeast Asian leaders China's building of artificial islands in the South China Sea.

Thai shares were marginally lower. The country's economy may grow 4 percent this year if private investment increases, the finance minister said on Thursday.

Indonesian shares were down 0.3 percent, snapping three consecutive sessions of gains.

Indonesia's current account deficit is seen at 1.9 percent of GDP in 2017, the central bank governor said, adding that there was no room yet for monetary policy easing.

Vietnam shares, on the other hand, rose 0.9 percent with energy stocks leading the gains.

Vietnam National Petroleum Group climbed 4.1 percent, while PetroVietnam Gas Corp rose 2.4 percent.

PetroVietnam Gas Corp, a unit of state-owned PetroVietnam, is wrapping up a $210 million five-year term loan, after it exercised the greenshoe option, sources said.