Takeda Pharmaceutical was nearly flat, up 0.02 percent, paring gains of 1.35 percent earlier, to trade at 4,966 yen a share, after it announced it would buy U.S. cancer drug maker Ariad Pharmaceuticals, in a deal valued at $5.2 billion.
The ASX 200 closed down 0.8 percent or 46.7 points at 5,760.7, seeing broad losses across all sub-indexes except for gold which was up 1.43 percent.
Australian retail prices for November rose by 0.2 percent from October, versus market consensus calling for a 0.4 percent increase.
Over in South Korea, the Kospi finished 0.18 percent or 3.66 points lower at 2,045.12.
South Korean electronic giants LG and Samsung consider building U.S. factories for the production of home appliances to appease Trump, the Nikkei Business Review reported late Monday. Both companies are set to announce its plans to invest in the U.S. ahead of the new president's inauguration on Jan. 20.
LG Electronics was down 3.36 percent at 51,800 won each, while Samsung Electronics inched 0.05 percent at 1,862,000 won per share.
Mainland Chinese shares were lower, with the Shanghai composite down 0.29 percent or 9.34 points at 3,161.89 and the Shenzhen composite slipped 0.244 percent or 4.86 points at finish at 1,989.28.
China's December consumer inflation was up 2.1 percent year-on-year, lower than a Reuters poll which had expected consumer prices to rise by 2.3 percent, while producer prices jumped 5.5 percent from the previous year compared to forecasts of 4.5 percent increase. Producer prices had risen to the fastest pace since September 2011, indicating the economy is on a recovery track.
Hong Kong's Hang Seng was in the green, up 0.58 percent by 3:20 pm local time.
Alibaba Group and Intime Retail Group Founder Shen Guo Jun have jointly bid to take the Chinese department store operator private for HK$19.79 ($2.55 billion), or HK$10 per Intime share, a premium of 42.25 percent to the stock's last price on December 28 after trading was suspended.
Intime Retail Group resumed trading on Tuesday, up 35.14 percent at HK$9.50 a share.