Asia's benchmark stock index fell, paring Monday's advance, as Japanese companies forecast lower-than-estimated earnings and as the outlook for exporters dimmed after a report signaled US manufacturing is slowing.

Tokyo Electron Ltd, which sells industrial electronics products, sank 8.3 percent after its earnings estimate trailed analysts' projections. Sony Corp, Japan's No 1 exporter of consumer electronics, lost 3.9 percent as the yen gained against the dollar to the highest level since February. Commonwealth Bank of Australia rose 1.7 percent as the nation's central bank will cut interest rates to spur growth.

The MSCI Asia Pacific Index lost 0.7 percent to 124.49 at 3:14 pm in Tokyo. Japan and Australia were the only major markets traded on Tuesday in Asia, with markets closed in Hong Kong, the Chinese mainland, India and South Korea.