Asian equities rose on Tuesday but trade was subdued as investors awaited a speech from Federal Reserve Chair Janet Yellen. Volumes were also light with Japan closed for a public holiday.
A muted handover from Wall Street set the tone for Asian trading. U.S. stocks eked out slim gains on Monday ahead of Janet Yellen's first monetary policy report to lawmakers on Tuesday. Investors are hoping the report will shed light on the pace at which the central bank will taper its bond purchases.
(Read more: Tuesday's trade will be all about Janet Yellen)
"We expect questions on the pace of stimulus reduction as well as exit measures, but do not expect Yellen to say anything beyond what the Fed has already communicated. Rather, we would focus on how upbeat (or not) her assessment of the US economy is," said analysts at Mizuho Financial in a research note.