Japan stocks in red after holidays, Asia ex Japan stocks spring up

Most Asian stocks traded broadly higher on Tuesday, with the exception of Japan, as concerns over China collapsed.  Chinese officials tried to calm the situation down by explaining that the Yuan is not a one-way bet and that policymakers will fight to keep the currency stable. Last week the People's Bank of China devalued the currency sharply three days in a row.

Japan's benchmark Nikkei 225 index plummeted 1.14% to 17,495.80 points within the first hour of trade, while Tokyo's broader Topix gauge dove 1.25% to 1,429.33 points. Data released Tuesday showed Japan's current account surplus shrank from ¥1.46 trillion in October to ¥1.14 trillion a month later, coming in stronger than the market forecast of a ¥895 billion surplus in November.

China's benchmark Shanghai Composite grew 0.70% to 3,037.92 points.

Hong Kong's benchmark Hang Seng index advanced 0.60% to 20,006.95 points.

Korea's benchmark Kospi index jumped 0.52% to 1,904.72 points this morning in Seoul.

Australia's S&P/ASX 200 index trade 0.82% higher at 4,972.40 points.

New Zealand's benchmark S&P/NZX 50 index rose 0.69% to 6,144.80 points this afternoon in Wellington.