Australia's benchmark index climbed above 5,370 points to hit a new five-year high for a third consecutive session. The ASX's relative strength index (RSI) rose to 62, indicating that it is fast approaching overbought territory.
(Read more: The rally from down under – are Aussie stocks unstoppable?)
Global miner BHP Billiton jumped 2.3 percent after reporting an annual 23 percent jump in first-quarter iron-ore production early Tuesday. That also saw Fortescue Metals add 1.5 percent.
Retailer David Jones skidded over 2 percent after CEO Paul Zahra announced his resignation.
Kospi rises 0.1%
South Korea's benchmark index also recouped early losses to log a new two-year closing high after foreigners extended their buying streak for a 38th consecutive session, the longest on record.
Among techs, Samsung Electronics closed down 0.6 percent following an earlier 1.5 percent decline ahead of posting quarterly earnings later this week. Memory chip-maker SK Hynix tumbled over 4 percent on profit-taking
Shinhan Financial lost 3 percent after BNP Paribas decided to sell around 4.8 million shares of the lender.
India slips 0.14%
India's benchmark index retreated from the previous session's three-year closing high of 20,893 while the rupee inched down 0.2 percent to 67.7 per dollar.
— By CNBC.com's Nyshka Chandran. Follow her on Twitter @NyshkaCNBC