Asia-Pacific markets traded mixed on Tuesday, despite overnight gains on the S&P 500 and Nasdaq, driven by optimism over strong corporate earnings. Investor caution intensified ahead of the August 1st U.

TOKYO -- Japanese Prime Minister Shigeru Ishiba, who faced a major defeat in a key election for the smaller of Japan’s two-chamber parliament, said Monday he will stay on to tackle challenges such as rising prices and high U.S. tariffs.

Ishiba's ruling Liberal Democratic Party and its junior coalition partner Komeito were short three seats to maintain a majority in the 248-seat upper house in Sunday's vote.