Asia markets opened mixed on Tuesday, with Japanese shares coming under pressure in early trade as the yen inched closer to the key 100 level against the dollar.

The Nikkei 225 (Nihon Keizai Shinbun: .N225) was down 0.35 percent, while the Topix (Exchange:.SPTPXN) index fell 0.3 percent, with shares largely negative across the board. The Japanese yen (:OSEJPY=) strengthened against the dollar, with the pair trading at 100.09 as of 8:13 a.m. HK/SIN, compared with levels near 100.76 on Monday afternoon local time.

Yen strength saw export stocks under pressure, with Toyota (Tokyo Stock Exchange: 7203.T-JP) off 0.84 percent, Nissan (Tokyo Stock Exchange: 7201.T-JP) down 1.01 percent and Honda (Tokyo Stock Exchange: 7267.T-JP) declining by 1.88 percent. A stronger yen is usually a negative for exporters as it reduces their overseas profits when converted back into local currency.

Across the Korean Strait, the Kospi (Korea Stock Exchange: .KS11) was up 0.21 percent. Australian shares also advanced, with the benchmark ASX 200 (^AXJO) up 0.29 percent as the heavily-weighted financials sector gained 0.48 percent.

Analysts pointed out that market was likely playing wait-and-see ahead of a speech from Federal Reserve chair Janet Yellen on Friday at the Federal Reserve Bank of Kansas City's Monetary Policy Symposium at Jackson Hole, Wyoming on Friday. The annual Fed symposium has sometimes been used by Fed chairs to make important policy pronouncements.

"It's still early days yet for the Jackson Hole conference ... but the markets seem to be already discounting the possibility that Yellen may look to talk up a September rate hike," said Angus Nicholson, a market analyst at spreadbettor IG.

In the currency market, the dollar index (New York Board of Trade (Futures): =USD), which measures the greenback against a basket of currencies, pulled back from levels near 94.905 on Monday afternoon Asia time to 94.490 in early morning trade on Tuesday.

The Indian rupee (Exchange:INR=) traded at 67.17 against the dollar, after weakening from levels near 66.80 late last week when India appointed Urjit Patel to take over the helm as governor of the Reserve Bank of India from his predecessor Raghuram Rajan. Patel was previously a deputy governor at the RBI.

Analysts expected to see further rebound in the dollar/rupee pair, in tandem with movements of the dollar against other Asian currencies.

ANZ Research's Irene Cheung and Rini Sen said in a note that "a firmer dollar on the back of an expected hike by the Federal Reserve this year, coupled with some unwinding of RBI rate cut expectations in India's asset markets, will likely see a rebound in dollar/rupee."