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Hong Kong - Asian markets mostly fell on Tuesday, retreating from the previous day's gains, but Tokyo bucked the trend as the yen dipped against the dollar.
The euro edged up after suffering losses in the previous session.
Tokyo rose 0.23% to finish at 14 636.52 points, the Nikkei's highest close in nearly two months, while Sydney was a tad lower, skidding 1.1 points to 5 511.7.
Seoul dropped 0.63% to 1 997.63 points and Shanghai fell 0.34% to 2 034.57. Hong Kong ended almost flat, dipping 18.88 points to 22 944.30.
There were no cues from London and New York, where markets were closed for public holidays.
With few catalysts to fuel buying, dealers took their cash off the table. Attention is on the release this week of key US data, including revised economic growth for the first three months of the year.
Despite the regional selloff Tokyo enjoyed a pick-up thanks to a weaker yen as a more bullish outlook saw investors move away from the safe-haven currency and into higher-risk assets.
"Technically, (Tuesday's Nikkei) move was significant, and could signal further bullishness ahead," Yoshihiro Okumura, general manager at Chibagin Asset Management told Dow Jones Newswires.
In the afternoon the dollar was changing hands at ¥101.88, against ¥101.85 on Monday in Europe, while the euro rose to $1.3655 and ¥139.10 from $1.3652 and ¥139.05.
The euro reversed losses seen in Asia on Monday caused by weak German business data that had boosted speculation of further monetary easing measures by the European Central Bank.
Oil prices edged down but were supported by concerns over a dramatic escalation in the Ukraine crisis that could potentially cause a disruption to supplies, analysts said.
A fierce battle erupted in the rebel-held eastern belt of Ukraine on Monday, just hours after president-elect Petro Poroshenko vowed he would not let the country become another Somalia.
Ukrainian fighter jets and combat helicopters struck the terminal building at an airport in the eastern city of Donetsk to try to dislodge scores of separatist gunmen who seized the complex, triggering hours of heavy firefights.
US benchmark, West Texas Intermediate for delivery in July, eased eight cents to $104.27 in afternoon trade while Brent North Sea crude for July delivery was down two cents at $110.30 per barrel.
Gold fetched $1 283.60 an ounce compared with $1 293.04 late on Monday.
In other markets:
- Taipei added 0.21% to 9 055.29 points.
Taiwan Semiconductor Manufacturing Co was 0.41% higher at Tw$123.5, while leading chip design house MediaTek added 2.93% to Tw$509.0.
- Wellington fell 0.15% to 5 145.85 points.
Air New Zealand lost 1.82% to end at NZ$2.16 and Chorus dipped 0.59% to NZ$1.69.
- Manila closed 0.15% lower to 6 780.26 points.
Philippine Long Distance Telephone Co fell 0.21% to 2 894 pesos but Megaworld rose 0.66% to 4.60 pesos.
