Asia-Pacific markets traded higher on Tuesday as traders shrugged off geopolitical flashpoints in Iran and Venezuela, as well as a criminal investigation into the U.S. Federal Reserve Chair Jerome Powell.
Japan's benchmark Nikkei 225 jumped 3.1% to close at 53,549.16, leading gains in the region after resuming trading following a holiday, while the Topix rose 2.41% to 3,598.89. Japan's ruling Liberal Democratic Party is expected to dissolve the country's Lower House later this month and opt for a snap election likely in February, according to public broadcaster NHK.
Index heavyweights SoftBank advanced 4.32%, while Advantest and Tokyo Electron jumped 8.54% and 8.23%, respectively.
Yields on the 10-year Japan government bond rose over 5 basis points to 2.15%, while yields on the 20-year surged over 8 basis points to 3.137%.
The Japanese yen weakened marginally to a one-year low of 158.25 per dollar.
South Korea's Kospi added 1.47% to 4,692.64 while the small-cap Kosdaq was flat, closing at 948.98.
Traders will also be keeping a close eye on oil prices amid ongoing protests in Iran. President Donald Trump is reportedly weighing options for intervention in Iran, according to multiple reports Sunday.
Trump, in a Truth Social post on Monday stateside, said any country doing business with Iran will face a 25% tariff "on any and all business being done with the United States of America." That new tariff on imports from Iran's trading partners is "effective immediately."
Brent crude futures rose 0.5% to $64.19 per barrel, while U.S. West Texas Intermediate crude gained 0.55% to $59.83.
Australia's S&P/ASX 200 added 0.56% to end the trading day at 8,808.5.
Hong Kong's Hang Seng Index rose 0.9%, while the CSI 300 was down 0.6% to 4,761.03. Shares of Chinese semiconductor company GigaDevice Semiconductor jumped 50% in its Hong Kong debut on Tuesday. The company raised HK$4.68 billion ($600 million) in an offering priced at HK$162 per share.
U.S. equity futures were flat in early Asian hours, ahead of U.S. consumer inflation data and key bank earnings results.
Overnight in the U.S., stocks rallied off their session lows, with the S&P 500 and Dow Jones Industrial Average hitting new all-time highs.
The S&P 500 rose 0.16% to end at 6,977.27, while the Dow Jones Industrial Average ticked up 86.13 points, or 0.17%, and settled at 49,590.20. Both indexes touched fresh all-time intraday highs and closed at records. The Nasdaq Composite was up 0.26% and closed at 23,733.90.
— CNBC's Sean Conlon, Yun Li and John Melloy contributed to this report.