Nikkei jumps 1.3%
Japan's Nikkei 225 recouped more than half of Monday's losses to rebound from a one-week closing low.
Bargain hunters swooped in on counters that were heavily sold off in the previous session. Export-oriented plays such as Sony and Panasonic bounced up 0.9 and 1.2 percent, respectively, while financials like Sumitomo Mitsui Financial Group closed up 0.8 percent.
Meanwhile, Japanese retailers will begin their corporate reporting season this week, with Seven & i Holdings set to announce earnings after the market close. Shares of the 7-Eleven convenience store operator leaped 2.4 percent, while heavyweight component Fast Retailing climbed 2.6 percent.
ASX leaps 1.9%
Australia's S&P ASX 200 index widened gains to break a two-session losing streak after the Reserve Bank of Australia (RBA) announced it was keeping the cash rate unchanged at a record low of 2 percent, in line with expectations.
The Australian dollar turned choppy following the central bank's decision and last traded around $0.7487, compared to $0.7471 against the greenback prior to the announcement.
Mining and banking heavyweights attracted hefty buy orders, with Fortescue Metals and Rio Tinto jumping 4.1 and 1.1 percent, respectively. Westpac led gains among the major lenders, with a rise of 3.9 percent.
Energy producers turned mostly higher after crude oilprices stabilized in Asian trade. Woodside Petroleum rebounded 1.5 percent, while Santos trimmed losses to 0.5 percent.
Kospi falls 0.7%
South Korea's Kospi index erased early gains to dive down to a near three-week low, a day after posting its sharpest one-day loss since June 2012.
Samsung Electronics hogged the market spotlight after estimating its operating profit at 6.9 trillion won during the second quarter, below analyst expectations. The average forecast from a Reuters poll of 39 analysts tipped April-June operating profit at 7.2 trillion won, the same as a year earlier and up from 6 trillion won in January-March. Shares of Samsung Electronics rallied 0.8 percent after a brief negative open.
Other blue chips suffered hefty losses, with steelmaker Posco and Hyundai Motor sagging 0.7 and 1.1 percent, respectively.
Meanwhile, U.S. activist hedge fund Elliott Associates said on Tuesday it plans to appeal a South Korean court's rejection of its request to block Samsung C&T from selling treasury shares to KCC Corp. Samsung C&T's stock receded 2.4 percent following the news.