Meanwhile, minutes for the Bank of Japan's October meeting showed most board members thought it was necessary for the central bank to "persistently pursue powerful monetary easing," but that additional measures were not needed now.
In South Korea, the Kospi gave up early gains to close down 0.54 percent at 2,427.34 as declines in blue chip tech names dragged the index lower. Samsung Electronics lost 3.02 percent and SK Hynix declined 3.52 percent by the end of the day.
Mainland China markets clawed back gains after finishing lower in the last session. The Shanghai Composite added 0.78 percent to end at 3,305.89 and the Shenzhen Composite tacked on 0.43 percent to close at 1,892.02. Industrials and financials were among the best-performing sectors in both markets on the day.
The People's Bank of China on Tuesday raised the yuan midpoint to 6.5416 per dollar — its firmest level in 3-1/2 months, Reuters said. That came after the yuan closed at its strongest level in the same amount of time on Monday.
The offshore yuan traded at 6.5482 yuan to the dollar at 3:07 p.m. HK/SIN Tuesday, paring gains after touching a high of 6.5332 earlier in the session. In the on-shore market, the currency traded at 6.5485. The central bank lets the yuan spot rate rise or fall a maximum of 2 percent against the dollar, relative to its official rate.
Elsewhere, shares of Singapore-based conglomerate Keppel tumbled 2.95 percent by 3:11 p.m. HK/SIN. The move followed an announcement from the company's offshore and marine unit last week that it would be paying $422 million in penalties linked to bribery charges, Reuters reported.
Hong Kong, Australia and New Zealand markets remain closed on Tuesday.
Exchanges in much of the world were closed on Monday as well, including Australia, South Korea, Hong Kong and Singapore. U.S. and European markets were also closed, though New York will be back in action on Tuesday.
In currencies, the dollar index, which tracks the greenback against a basket of six major currencies, was largely flat at 93.278 at 2:49 p.m. HK/SIN. The dollar was a touch firmer against the yen at 113.31.