ASIAN markets have closed mostly flat or lower as traders took a breather from recent rallies and Wall Street provided a weak lead.
Tokyo on Tuesday closed mixed as profit-taking offset earlier gains on a weaker yen. The Nikkei 225 index inched up 0.04 per cent or 3.54 points to 9,014.25.
The euro had hit a five-month high of Y104.60 in morning trade - extending a surge in New York late on Monday following data showing a sharp drop in Japanese exports.
Sydney closed flat, adding just 2.1 points to end at 4,543.1, while South Korea ended 0.76 per cent or 14.78 points lower at 1,926.81.
Chinese shares ended down 0.86 per cent, or 18.31 points, at 2,114.45 as investors await a turnaround in the domestic economy.
"We still think there's more downside risk in the near term," Gold State Securities analyst Li Lei told Dow Jones Newswires.
"Beijing is unlikely to introduce more supportive measures to bolster growth ahead of the 18th Party Congress," he added.
Hong Kong and Bangkok were closed for public holidays.
Global markets have surged in recent months after a string of policy-easing moves in the United States, Europe and Japan as well as last week's figures indicating a pick-up in China.
But investors are treading carefully as the Asian corporate earnings season approaches, with many concerned that the global slowdown will have a detrimental impact on profits.
The weak yen follows Japan's announcement on Monday of the worst September trade figures in more than 30 years, hit by the global slowdown and a territorial dispute with China.
The euro fell back from its morning rally and was buying Y104.10 in afternoon trade compared with Y104.43 in New York late on Monday.
The dollar stood at Y79.84, compared with Y79.95. It had hit Y79.99 at one point in Tokyo, its highest since early July.
The euro also bought $US1.3030 in Tokyo, compared with $US1.3060 in New York.
Wall Street put in an anaemic performance after the world's largest heavy equipment maker Caterpillar provided guidance for 2012 and 2013 that was below estimates, despite seeing its best third quarter.
The Dow and S&P 500 ended flat, while the tech-strong Nasdaq gained 0.38 per cent.
Oil prices were higher, with New York's main contract, light sweet crude for delivery in December, adding 18 US cents to $US88.83 in the afternoon while Brent North Sea crude for December delivery fell 18 US cents to $US109.26.
Gold was at $US1,718.30 at 1845 AEDT, compared with $US1,724.50 late on Monday.
In other markets:
- Taiwan fell 35.56 points, or 0.48 per cent, to 7,337.48.
Hon Hai Precision shed 0.47 per cent to $Tw84.7 while Taiwan Semiconductor Manufacturing Co was 0.35 per cent lower at $Tw85.7.
- Manila ended 0.14 per cent higher, adding 7.53 points to 5,432.32.
SM Investments gained 1.16 per cent to 829.50 pesos and Metropolitan Bank and Trust rose 0.81 per cent to 93 pesos.
- Wellington closed 0.40 per cent, or 16.10 points, higher at 4,004.26.
Telecom gained 0.8 per cent to $NZ2.48 and Vector was up 1.4 per cent at $NZ2.90. Auckland Airport climbed 1.1 per cent to $NZ2.70.
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