Japan's Nikkei average ended up but near its day's lows on Monday after rising over 3 percent at one point, with investors disappointed by a Bank of Japan decision that contained no surprises and was seen as lackluster at best.

At an emergency meeting, the BOJ expanded its fund supply tool, saving more aggressive steps for when there is clearer evidence of a slowdown in a fragile economy hit by a strong yen.

The benchmark Nikkei rose 1.8 percent or 158.20 points to 9,149.26 points after earlier rising over 3 percent and nearly 300 points. The broader Topix rose 1.2 percent to 829.21, also off earlier highs.

(Reporting by Elaine Lies; Editing by Edwina Gibbs)