Japan's benchmark Nikkei 225 beat its regional peers to trade up 0.64 percent, with stocks receiving a boost from a relatively weaker yen, after the market was closed on Monday for a public holiday.
SoftBank shares, however, were down 10.55 percent as investors reacted to the company's announcement on Monday that it had agreed to acquire British semiconductor firm ARM Holdings in a deal worth $32 billion.
SoftBank's chairman and chief executive, Masayoshi Son, said the decision to acquire ARM was not motivated by a weaker pound, after the British currency fell in the aftermath of the U.K.'s decision to leave the European Union. Instead, Son said, it was about taking advantage of the "paradigm shift" seen in the internet-of-things technology.
Some analysts believed the $32 billion price tag was a bargain for SoftBank.
"ARMs purchase is a coup," Amir Anvarzadeh from BGC Securities told CNBC's "Squawk Box" on Tuesday. "It's probably the best semiconductor-related company in the world. They have 95 percent market share [in the smartphone architecture market], all of the processes that go into mobile architecture."
Analysts previously told CNBC that SoftBank would likely use the money raised from its divestiture plan, including selling off stakes in Alibaba, GungHo Online Entertainment and more recently in Finnish mobile gaming firm Supercell, to shore up its balance sheet.
In South Korea, the Kospi dropped 0.39 percent. In Hong Kong, the Hang Seng index was down 0.63 percent. Chinese mainland markets also traded lower, with the Shanghai composite down 0.71 percent and the Shenzhen composite off by 0.54 percent.
Australian shares were mixed, with the ASX 200 index down 0.34 percent. The materials sub-index was under pressure, dropping 0.53 percent as miners remain in focus as they release second-quarter production reports.
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