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Asia equities mixed; BOJ, RBA policy decisions in focus

Equities in Asia were mixed on Tuesday as investors focused on central bank decisions in Japan and Australia.

Markets in Shanghai remained closed for holidays and will resume trade on Wednesday.

The Reserve Bank of Australia (RBA) left interest rates steady at a record low of 2.5 percent, as widely expected, and repeated its commitment to a period of rate stability. The Bank of Japan also left monetary policy steady but revised down its assessment of industrial output.

Central banks also weighed on U.S. trade. Stocks fell on Monday as investors adopted a cautious approach before the release of minutes from the Federal Reserve's last meeting on Wednesday, with the bank on track to conclude bond purchases this month.

Read MoreInvestors cautious ahead of midweek earnings and Fed

Symbol
Name
Price
 
Change
%Change
NIKKEI
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HSI
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ASX 200
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SHANGHAI
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KOSPI
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CNBC 100
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Nikkei 0.7% lower

Japan's benchmark Nikkei index finished lower following a choppy session. Reports that the government's public pension fund - the world's largest - may delay a decision on shifting its portfolio allocation to November or later this year weighed on sentiment.

Fujifilm ended 2.7 percent higher, rising for a second day, after saying on Monday that France and Guinea are considering using its influenza drug Favipiravir to treat patients infected with Ebola.

ASX down 0.1%

Australia's benchmark S&P ASX 200 ended at a one-week low, paring losses after hitting an eight-month low earlier in the session. Meanwhile, the Australian dollar hovered around $0.8766, off last week's four-year low, after the central bank said the currency remained high by historical standards.

Banks weighed on the index; National Australia Bank led losses by 1 percent and Commonwealth Bank of Australia eased 0.5 percent.

Rio Tinto rallied over 4 percent after the firm said on Tuesday that it rejected a merger approach from Glencore. Overnight, its its U.S. listed shares surged 9 percent on reports of a potential tie-up between the two firms.

Hang Seng gains 0.5%

Hong Kong stocks reversed early losses, extending gains after rallying 1 percent in the previous session, the biggest one-day gain in more than a month.

Gaming shares rallied on bargain-hunting for a second session; Galaxy Entertainment and Melco International Development jumped 1 percent each. Data on Monday showed total casino revenue in Macau falling 12 percent in September, the fourth straight month of declines.

Read MoreChinese investors surged into EU in crisis

Protesters remained camped out throughout the city on Tuesday. On Monday night, the federation of students and government officials agreed to begin talks later this week.

Kospi up 0.2%

South Korean shares rebounded from Monday's modest declines thanks to a rally in Samsung Electronics. Shares jumped 1 percent despite the firm forecasting a 60 percent plunge in third-quarter operating profit.

Nifty slips 1.2%

Indian shares started the week lower following a long holiday; markets were closed from Thursday to Monday. Meanwhile, the rupee gained 0.3 percent against the greenback.