Asian markets were mixed on Tuesday, with the Japanese market ending lower as stocks came under pressure due to a weaker dollar buoying the yen.
The Japanese yen saw renewed strength in the afternoon session against the dollar, going high as 99.97 before retreating slightly to 100.08 as of 3:02 p.m. HK/SIN. This was compared with levels near 100.76 on Monday afternoon local time.
Japanese export stocks traded mostly lower throughout the session, likely tracking the yen's movement. Shares of Toyota closed down 1.69 percent, Nissan was down 1.47 percent and Honda declined by 2.08 percent. A stronger yen is usually a negative for exporters as it reduces their overseas profits when converted back into local currency.
Across the Korean Strait, the Kospi closed up 7.77 points, or 0.38 percent, at 2,049.93. Australian shares also advanced, with the benchmark ASX 200 closing up 38.74 points, or 0.7 percent, at 5,553.80, as the heavily-weighted financials sector added 0.88 percent. New Zealand's NZX 50 closed nearly flat at 7,467.33.
In Hong Kong, the Hang Seng index was down 0.17 percent in late-afternoon trading. Chinese mainland markets closed modestly higher, with the Shanghai composite up 5.82 points, or 0.19 percent, at 3,090.63, while the Shenzhen composite added 5.39 points, or 0.26 percent, to 2,024.05.
Major indexes in Indonesia, Thailand, Malaysia and the Philippines also traded lower in the afternoon session.
Analysts pointed out that markets were likely in a wait-and-see mode ahead of a speech from Federal Reserve chair Janet Yellen on Friday at the Federal Reserve Bank of Kansas City's Monetary Policy Symposium at Jackson Hole, Wyoming. The annual Fed symposium has sometimes been used by Fed chairs to make important policy pronouncements.