Stocks in Asia were mostly positive on Tuesday as mainland Chinese stocks saw a rebound following supportive comments from a regulator.
In Japan, the Nikkei 225 recovered 307.49 points, or 1.5%, to 21,457.29. That followed positive news on Japan's economic front: Government data showed that the seasonally adjusted unemployment rate fell to 2.3% in September from 2.4% in August.
Still, domestic economic data only has a marginal impact on Japan's stock markets because so many companies derive most of their earnings from overseas activities.
The Japanese yen traded at 112.71 against the U.S. dollar after weakening from levels around 111.8 yesterday.
In Hong Kong, the Hang Seng Index dropped 226.51 points, or 0.9%, to 24,585.53
South Korea's Kospi, meanwhile, rose following a statement from the country's financial authorities calling for measures to stabilize the markets.
Shares of Samsung Electronics jumped 2.3%, and SK Hynix gained 2.1%. The move in the stocks of the chipmaking giants came following a decision in the U.S. to restrict exports to Chinese chipmaker Fujian Jinhua Integrated Circuit.
Australian markets rose, energy stocks rose 0.8% and materials advanced 1.2%
The heavily weighted financial sub-index was up by 1.7% as shares of Australia's so-called Big Four banks rose.
The Australian dollar was at $0.7095 U.S. following an earlier low of $0.7051.
CHINA
The CSI 300 regained 33.37 points, or 1.1%, to 3,110.26
The moves in mainland Chinese stocks came after the country's securities regulator said it would improve market liquidity and guide more long-term capital into the market.
The China Securities Regulatory Commission also said it will encourage share buybacks and mergers and acquisitions by listed firms, reduce unnecessary interference in trading, and create a level playing ground for investors.
As Chinese markets have suffered a rough October, investors have also been closely watching the country's currency. On Tuesday afternoon during Asian trade, the onshore Chinese yuan was at 6.9656 against the greenback, after the People's Bank of China fixed the currency's mid-point at 6.9574 per U.S. dollar — which was the lowest guiding level since May 21, 2008
Overnight on Wall Street, stocks closed lower following a Bloomberg News report that said the United States is preparing new tariffs against all remaining Chinese imports if trade talks between Presidents Donald Trump and Xi Jinping fail to reconcile the ongoing trade dispute.
Both countries have already implemented levies on billions of dollars worth of each other's goods.
In other markets
In Singapore, the Straits Times STI index slipped 15.09 points, or 0.5%, to 2,966.45
In Taiwan, the Taiex index inched forward 9.79 points, or 0.1%, to 9,526.11
In Korea, the Kospi index re-strengthened 18.64 points, or 0.9%, at 2,014.69
In New Zealand, the NZX 50 gained 32.84 points, or 0.4%, to 8,648.38
In Australia, the ASX 200 was better by 76.95 points, or 1.3%, to 5,805.10
