Hong Kong (CNN Business) Asian markets mostly opened higher Tuesday, but pared back their gains to trade mixed as investors await more news on US-China trade relations and a decision from the Federal Reserve later this week.

Japan'sjumped 0.5% at the open. It retreated slightly in the afternoon, though was still positive. The index is trading at its highest level in about a year.

Hong Kong'srose 0.5% early, too, but reversed that trend and was last trading down 0.5%.

South Korea'salso opened higher, but was flat-to-negative late in the day. China'swas the worst performer, declining 0.6% by the afternoon.

Overnight, theset a new closing record on Wall Street. Theand thealso closed higher but fell just short of setting a new records.

Markets rose Monday on hopes for improvement in the US-China trade relationship. Stocks trended upward last week after the Office of the US Trade Representative said that the world's two largest economies had made headway in finalizing a "phase one" trade agreement.

On Monday during US hours, President Donald Trump told reporters that the United States is ahead of schedule in terms of signing a trade deal.