Most Asian markets lost ground Tuesday, with some analysts saying traders are turning more cautious after the recent rally.
The Nikkei 225 retreated 116.68 points, or 0.7%, to 17,117.07
In Hong Kong, the Hang Seng index decreased 146.57 points, or 0.7%, to 20,288.77
In the currency market, the Japanese yen remained at the 113 handle against the U.S. dollar, following the Bank of Japan's monetary policy decision. The dollar/yen pair traded lower by 0.3% at 113.42.
The Japanese central bank kept monetary policy steady, maintaining its commitment to raise the monetary base by 80 trillion yen annually and left the rate it charges commercial banks on certain reserves at 0.1%
Japanese exporters closed mostly lower, with Toyota dropping 1.8% and Nissan losing 1.7%. Electronics maker Canon trimmed gains to close up 0.2%. A strong yen is usually a negative for exporters as it reduces their overseas profits when converted into local currency.
In corporate news, the Japanese Nikkei newspaper reported that Toshiba is in a late-stage negotiations with Chinese household appliance giant Midea Group to sell the majority of its fully owned white goods business Toshiba Lifestyle Products & Services by this summer, a deal said to be worth billions of yen.
Shares of Toshiba gave up early gains to finish lower by 1.1%.
The Australian dollar/U.S. dollar pair gave up early gains to trade lower by 0.4% at $0.7486, still near its highest level against the greenback since July 2015.
The Aussie was trading at $0.75 before the Reserve Bank of Australia (RBA) released its March meeting minutes, with the central bank saying there were "reasonable prospects for continued growth in the economy" and that it was "appropriate to leave the cash rate unchanged at an accommodative setting."
Moreover, Australia's so-called Big Four banks - ANZ,Commonwealth Bank of Australia, Westpac and NAB - closed down as much as 1.8%
Australian resources producers closed lower, with shares of Rio Tinto falling 3.4%, BHP Billiton down 3.4% and South32 shedding 4.6%
Energy plays in Asia were mostly lower, with Santos down 3.3%,Woodside Petroleum off by 3.9% and Japan's Inpex down 1.9%.
CHINA
The Shanghai CSI 300 index gained 9.09 points, or 0.3%, to 3,074.78
Chinese metal plays also descended, with Aluminium Corporation of China closing down 2%, Baoshan Steel lower by 1.3% and Shandong Jinling Mining down nearly 4%.
Chinese mainland oil plays finished mixed, with China Oilfield shedding 1.7%, while Sinopec gained 4.2%
In China, the yuan weakened slightly against the dollar, with the U.S. dollar/yuan pair trading up 0.1% at 6.5074. Before market open, the People's Bank of China fixed the yuan midpoint rate at 6.5079, compared with Monday's fix at 6.4913.
In other markets;
In Korea, the Kospi index inched down 2.3 points, or 0.1%, to 1,969.97
In Taiwan, the Taiex Index slipped 136.72 points, or 1.6%, to 8,611.18
In Singapore, the Straits Times Index weakened 7.62 points, or 0.3%, to 2,839.44
The NZX 50 in New Zealand added 10.99 points, or 0.2%, to 6,577.82.
In Australia, the ASX 200 hurtled lower 74.03 points, or 1.4%, to 5,111.43
