Nikkei falls 1.05%
Japan's Nikkei 225 index widened losses as investors took profits on the last trading day of the fiscal year and ahead of key economic data like the Bank of Japan's tankan survey due at 0750 SIN/HK on Wednesday.
In particular, railway companies struggled, with Central Japan Railway, West Japan Railway and East Japan Railway making losses between 3.9 and 5.4 percent.
Bucking the downtrend, Fujifilm Holdings bounced up nearly 2 percent following news that it is acquiring U.S. biotechnology firm Cellular Dynamics International for $307 million. Baby products maker Pigeon soared 3.3 percent on the back of the its plan to carry out for a 3-for-1 stock split.
Read MoreWhy a weaker yen is not driving up prices: Goldman
ASX jumps 0.8%
Australia's S&P ASX 200 index closed up amid a broad-based rally, recouping nearly all of Monday's steep decline.
Oil and gas producers, along with miners, were among the biggest gainers after being heavily sold-off in the previous session. Liquefied Natural Gas jumped 4.3 percent, while Santos and Woodside Petroleum climbed more than 1 percent each. BHP Billiton and Rio Tinto rose 3 and 2.5 percent, respectively, despite iron ore prices slumping to a six-year low overnight.
"Although they're bouncing today, investors should remain wary of the sector. Further falls in commodity prices are expected over the coming months, which could certainly inflict more pain," Motley Fool's analysts wrote in a report.
Financials were also buoyant, with Australia & New Zealand Banking leading gains in the sector, up 0.8 percent.
Meanwhile, Ansell will acquire U.K.-based protective clothing company Microgard for approximately $88 million. Shares of the glove and condom maker closed down 0.8 percent as Morningstar downgraded its rating on the stock to reduce from hold.
Read MoreChina, Japan stocks steal the show in first quarter
Kospi gains 0.5%
South Korea's Kospi index was bolstered by a positive showing of its blue-chip and financial plays.
The country's top two heaviest-weighted stocks Samsung Electronics and Hyundai Motor climbed 0.9 percent each. Shinhan Financial and KB Financial Group edged up 1.8 and 1.2 percent, respectively.
Korea Aerospace Industries (KAI) leaped 5.6 percent after being named as the preferred bidder for a multibillion-dollar deal to develop a new fighter jet.
Straits Times sheds 0.2%
Singapore's key stock index was one of the laggards in the region on Tuesday, pulling back from a 10-month high after data showed bank lending fell 0.7 percent on-month in February.