Major markets in Asia closed lower on Tuesday, with Italian politics and the slide in oil prices in the spotlight. Japan's declined 0.55 percent, or 122.66 points, to 22,358.43 amid broad-based losses, with strength in the yen weighing on major exporters. The safe-haven yen traded at 108.92 to the dollar at 3:00 p.m. HK/SIN, compared to Monday's close of 109.41. Electronics stocks finished the day lower, as did steelmakers, with the broader Topix slipping 0.48 percent. Over in South Korea, the Kospi fell 0.88 percent to 2,457.25 as gains in some technology names failed to lift the broader index. Banks and most manufacturing stocks saw declines.

Elsewhere, the slid 0.88 percent by 3:05 p.m. HK/SIN, hurt by losses in the heavily weighted financials sector. Shares of insurer AIA, in particular, fell 1.79 percent before the market close. On the mainland, the gave up early gains to close 0.47 percent lower at 3,120.47 and the smaller Shenzhen composite dropped 1.07 percent. The S&P/ASX 200 was a bright spot, with the index tacking on 0.16 percent to close at 6,013.60 as large cap banks buoyed the market. Energy stocks which had been hit in the last session pared some overnight losses, with Woodside Petroleum edging up by 0.32 percent. On the whole, MSCI's broad index of shares in Asia Pacific excluding Japan was lower by 0.58 percent in Asia afternoon trade. Several markets in Southeast Asia, including Singapore, Malaysia and Thailand, were closed on Tuesday for a holiday.

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