Asian equities were mostly lower in Monday trade, with the dollar sinking against the yen, following tensions in the Korean Peninsula and better than expected Chinese economic data.

North Korea tested a missile which "blew up" soon after launch, following a military parade to commemorate the birthday of Kim Il-Sung over the weekend, Reuters said. The test came before U.S. Vice President Mike Pence arrived in Seoul for a trip that aims to reassure American allies in Asia.

The dollar/yen (Exchange: JPY=) traded at 108.32, earlier plunging to its lowest levels since 15 November last year. Likewise, the yen was stronger compared to the euro, with the euro/yen (Exchange: EURJPY=) weakening to a 5-month low of 114.82 yen earlier in the session. The euro/yen traded at 115.04 yen at 9:00 am HK/SIN.

Demand for other safe-haven assets strengthened, with spot gold trading at $1,294.34 an ounce at 8:55 am HK/SIN, hitting a five-month high of $1,295.50 earlier in the session.

"Gold has surged (classic geopolitical risk reflex) along with the slump in U.S. Treasury yields (another haven trade) while equities are softer ... Nonetheless, emerging markets and higher yielding currencies have not sold off in alarm either, with most emerging market Asia currencies still fairly buoyant," Mizuho economist Vishnu Varathan said in a Monday morning note.

Japan's Nikkei 225 (CBOE: .NKXQ) was lower by 0.31 percent but the Kospi (Korea Stock Exchange: .KS100) climbed 0.37 percent. Hong Kong, Australia and New Zealand markets are closed for Easter Monday.

In China, Q1 GDP rose 6.9 percent on year, better than the 6.8 percent expected. First quarter GDP rose 1.3 percent quarter-on-quarter. Other Chinese data was similarly upbeat, with March industrial output accelerating 7.6 percent on year, the fastest pace of growth since December 2014 according to Reuters.

Chinese markets were mostly lower following the data release. The Shanghai Composite (Shanghai Stock Exchange: .SSEC) declined by 0.72 percent while the Shenzhen Composite fell 0.845 percent.

On the energy front, Brent crude was lower by 0.41 percent to trade at $55.66 per barrel and U.S. crude fell by the same amount to trade at $52.96. Oil prices had hit a one-month high last Wednesday following news that OPEC could extend output cuts beyond June.

In other currency news, the greenback (New York Board of Trade (Futures): =USD) traded weaker against a basket of rivals at 100.39, significantly lower compared to the 101 handle seen last week. The Aussie (Exchange: AUD=) strengthened to trade at $0.7587, its highest level since the beginning of April.