Japan's benchmark Nikkei resumed trade in the afternoon session to shed as much as 1.5 percent as investors digested the Bank of Japan's decision to revise up its assessment of the economy and leave monetary policy unchanged.
Analysts widely expected no action from Japan's central bank but many were hoping for additional steps to ease recent market turbulence. The disappointment was reflected in the yen, which strengthened to the 98 handle per dollar from its previous level of 98.9.
The central bank cited an economic pick-up, rising overseas and domestic demand as reasons for staying pat. Governor Haruhiko Kuroda will hold a media briefing later on Tuesday to explain the central bank's decision.
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