Asian equities finished mixed on Tuesday, after the Reserve Bank of Australia released its March meeting minutes and the dollar remained soft.
The ASX 200 slipped 0.07 percent or 4.3 points to close at 5,774.6, dragged by its materials sub-index, which was down 0.58 percent. The RBA's March meeting minutes revealed that the central bank saw growing risks in the overheating housing market.
"This reinforces the idea that the prospect of another rate cut anytime soon is remote, and paves the way for a tightening of macro-prudential measures quite imminently," said Nizam Idris, Gareth Berry and Teresa Lam, strategists at Macquarie Bank, in a Tuesday note.
They added that the RBA "is perfectly justified in sounding the alarm at this point" with household debt in Australia and Canada among the highest in the world.
Engineering and construction firm Downer EDI is looking to launch a A$1.27 billion ($981 million) takeover bid for cleaning and catering company Spotless Group at A$1.15 per share. Downer EDI shares were untraded at A$7.42 per share, and Spotless Group rallied 49 percent to A$1.08.
The Japanese benchmark closed down 0.34 percent or 65.7 points at 19,455.88 as the yen remained below the 113 handle seen last week. The yen last traded at 112.74 against the dollar.
"Although dollar/yen traded heavy early in the session, resilient risk appetite has underpinned today's movements. The near-term outlook comes down to how aggressive the continuation of dollar unwinds transpires," said Stephen Innes, senior trader at OANDA.
Toshiba's U.S. Westinghouse Electric is taking offers for a financing package to help it go through U.S. bankruptcy, Reuters reported. Shares of Toshiba climbed 3.21 percent.
In South Korea, the Kospi jumped 0.99 percent or 21.4 points to 2,178.38.
Former President Park Geun-hye apologized to the country on Tuesday as she arrived at prosecutors offices for further questioning as a criminal suspect in a corruption probe.
Chinese shares closed up positive. The Shanghai composite added 0.35 percent or 11.4 points at 3,262.2 and Shenzhen composite finished up 0.39 percent or 7.89 points at 2,043.94. Hong Kong's Hang Seng was up 0.44 percent by 3 pm HK/SIN.