Japanese stocks saw an increase, with the Topix Index rising by around 1% due to gains in the tech sector following a record close for the Nasdaq Composite.

However, other Asian markets, including mainland China, Hong Kong, and Australia, experienced declines as investors remained cautious ahead of the upcoming US election and the Federal Reserve's rate decision.

Treasury yields decreased, and the dollar's strength, as measured by a Bloomberg gauge, ended a three-day advance. The yen appreciated, while gold prices reached a new record, reflecting traders' concerns about potential market disruptions related to the election.

Market participants in Asia are also preparing for possible volatility following the Bank of Japan's decision on Thursday and a meeting of China's top legislative body scheduled for November 4-8, where additional fiscal stimulus measures may be announced.

Overall, Asia's regional equity benchmark is set to have its worst monthly performance in a year.