RBA Stands Pat, Asia Stocks Finish Mixed

Asia markets traded mixed on Tuesday, despite U.S. equities closing at record highs overnight.

The Nikkei 225 index ballooned 213.29 points or 1.1%, to 20,614.07. The Japanese yen traded at 113.10 per U.S. dollar, weakening from an earlier high of 112.63.

Several markets, including South Korea and China, remain shut this week for public holidays. Hong Kong returned to action with a bang, the Hang Seng Index rocketing 618.91 points, or 2.3%, to 28,173.21

The Australian dollar traded at $0.7811 U.S. in late afternoon, recovering from an earlier low of $0.7783. The moves in the Aussie followed the Reserve Bank of Australia's decision to leave its cash rate at a record low of 1.5% for the 14th straight month.

RBA Governor Philip Lowe said in a statement that the central bank expects economic growth Down Under to pick up in the future.

The governor added that the Aussie dollar had appreciated against the greenback since mid year, and that the higher exchange rate is "weighing on the outlook for output and employment."

Major Australian banking stocks fell, with ANZ shares down 0.1%, Commonwealth Bank down 1.6%,Westpac off by 0.4% and the National Australia Bank declining 0.7%. Resources producers were mixed, but major miners Rio Tinto gained 0.7%, and Fortescue gained 0.6%.

In other markets

In Taiwan, the Taiex index gained 4.19 points to 10,469.35

In Singapore, the Straits Times Index ducked back 16.02 points, or 0.5%, to 3,246.08

In New Zealand, the NZX 50 recovered 4.53 points, or 0.1%, to 7,933.42

In Australia, the ASX 200 subtracted 27.89 points, or 0.5%, to 5,701.44