Asia markets were mixed in early trade on Tuesday, despite US equities closing at record highs overnight.

Share Market Live

NSE

Japan's Nikkei 225 climbed 0.32 percent to 20,465.83 and the Topix index rose 0.39 percent to 1,680.11.

In Australia, the ASX 200 dipped 0.31 percent to 5,711.70 in early trade. The Australian dollar traded at USD 0.7827, which was a level similar to last Friday.

Traders will be looking ahead to the monetary policy decision from the Reserve Bank of Australia due at 2:30 p.m. local time.

"Most of the focus today will be on the RBA ... and what the statement says about the economy, including any amendment to their language on the dollar other than to recognize the recent mini-rally in the USD," David de Garis, director of economics at the National Australia Bank, wrote in a morning note.

"This part of the statement will require some re-jigging, if only to refresh it for the recent pull back in the Aussie," he said, adding the bank expects the central bank to "continue acknowledging the evolving improvement in the domestic economy" and give the RBA "more confidence that growth is building."

Major Australian banking stocks were mixed, with ANZ shares up 0.5 percent, Commonwealth Bank down 0.05 percent and the National Australia Bank declining 0.14 percent. Resources producers were mixed, but major miners Rio Tinto and Fortescue gained 0.18 and 0.48 percent, respectively.

Markets in South Korea and China remain closed due to public holidays.

In the currency market, the dollar index, which measures the greenback against a basket of currencies, last traded at 93.663, rising from levels below 92.500 in the prior week. At least one analyst said this week that the rally in the dollar is likely due to a "short dollar positioning squeeze instead of a real turn."

Among other currency majors, the Japanese yen fetched 112.75 per dollar, similar to levels late last week. The euro traded at USD 1.1732.