Asia markets were largely negative on Tuesday, as ties between the U.S. and China appeared to have taken a turn for the worse.
South Korea's Kospi closed 1.25 percent lower at 2,309.57, despite data showing the country's year-on-year output to be above forecasts.
Down Under, the ASX 200 ended the trading day lower by 0.75 percent at 6,126.2.
Earlier on Tuesday, the Australian Competition and Consumer Commission said an inquiry into price competition among suppliers of foreign currency conversion services had been opened. It said it would be "examining why major companies in Australia, including the Big Four banks, seem to be able to consistently charge high prices."
Following the announcement, shares of the country's major banks closed lower. Australia and New Zealand Banking Group slipped by 0.87 percent, while Commonwealth Bank of Australia dropped by 1.21 percent. National Australia Bank also declined by 0.72 percent and Westpac Banking Corp fell by 0.95 percent.
Hong Kong's Hang Seng index continued to decline in the afternoon. As of 3:19 p.m. HK/SIN, the index slid 2.36 percent on its first trading day of the week after returning from a public holiday.
China's markets were closed for a public holiday.