Asia markets closed mixed on Tuesday, with the Japanese benchmark index leading gains in the region. The Nikkei 225 closed up 349.16 points, or 2.15 percent, at 16,565.19.

Across the Korean Strait, the Kospi finished higher by 14.69 points, or 0.75 percent, at 1,982.50. In Hong Kong, the Hang Seng index was up 0.09 percent as of 3:03 p.m. HK/SIN.

Australia's ASX 200 also retraced losses to close up 22.10 points, or 0.42 percent, at 5,342.80, boosted by a 1.51 percent gain in the financials sub-index. The energy and materials sub-indexes on the Australian benchmark index dragged, falling 2.32 and 2.01 percent, respectively.

Gains in the dollar and a pullback in oil prices will likely dominate markets in the near-term, according to Angus Nicholson, a market analyst at IG.

Chinese mainland markets gave up morning gains, with the Shanghai composite closing near flat at 2,833.18, and the Shenzhen composite finishing down 2.07 points, or 0.11 percent, at 1,802.27.

Chinese data showed April's consumer price index was up 2.3 percent on-year, compared with the median forecast in a Reuters poll for a 2.4 percent increase. In March, consumer price index also rose by 2.3 percent on-year. The producer price index for April, on the other hand, fell 3.4 percent on-year, slightly less than the 3.8 percent decline that analysts polled by Reuters had expected.