This is CNBC's live blog covering Asia-Pacific markets.

Japan's Nikkei 225 rose 1.8% Tuesday, topping the key psychological mark of 33,000 points for the first time since July 1990 and closing at 33,018.65. Meanwhile, the Topix also reached new highs in 2023, closing 1.16% up at 2,264.79.

Asia-Pacific markets rose ahead of the U.S. inflation report and the Federal Reserve's two-day meeting later in the day. The central bank is widely expected to hold rates for the first time in 15 months. U.S. annual inflation expectations marked a two-year low in the latest New York Fed survey.

In Australia, the S&P/ASX 200 returned from a public holiday and rose 0.23% to close at 7,138.9. South Korea's Kospi rebounded and rose 0.33% to close at 2,637.95, with the Kosdaq also up 1.25% to end at 896.81.

Hong Kong's Hang Seng index continued a four-day winning streak and rose 0.71% in its final hour of trade.

In mainland China, the Shanghai Composite was up 0.15% to end the day at 3,233.67, and the Shenzhen Component gained 0.76% to close at 10,955.96, extending its gains for a fourth straight day.

Overnight in the U.S., the S&P 500 jumped to its highest level in 13 months on Monday as traders looked ahead to the Fed's June meeting.

The S&P 500 added 0.93%, while the Dow Jones Industrial Average climbed 0.56% on Tuesday. The Nasdaq Composite led gains and popped 1.53%, also reaching its highest levels since April 2022.

— CNBC's Sarah Min and Brian Evans contributed to this report

Toyota shares surge 5% after company announces EV plans

Shares of Japanese automaker Toyota surged over 5% after the company announced it will introduce a full lineup of battery electric vehicles with "next generation" batteries from 2026.

These will be developed and manufactured by a new EV unit called BEV Factory, which was established in May.

This also could signal a continued shift in the automaker's EV strategy under new CEO Koji Sato, who took the helm in April.

The company most notably announced a technological breakthrough in its all solid state batteries, and said it will be "reviewing its introduction to conventional HEVs and accelerating [its] development as a battery for BEVs."

Find out more in the full story here.

— Lim Hui Jie

Japan's Nikkei 225 tops 33,000 points as chip stocks and autos lead gains

Japan's Nikkei 225 topped 33,000 points for the first time since July 1990, passing a key psychological level as Japanese stocks continue their bull run.

Battery manufacturer GS Yuasa rose 5.97%, leading gains in the index, and chipmaker Renesas Electronics rose 5.88%.

SoftBank Group rose 5.59% and Toyota Motor rose by more than 5% while Mazda gained 4.12%.

– Jihye Lee

People's Bank of China cuts seven-day reverse repo rate to 1.9%

The People's Bank of China cut its seven-day reverse repurchase rate by 10 basis points from 2% to 1.9%, injecting 2 billion Chinese yuan ($279.97 million) through its seven-day repos. A repurchase agreement (repo) is a type of short-term borrowing rate.

This is the central bank's first such move since August and follows the nation's largest banks cutting deposit rates last week, signaling that further monetary easing lies ahead.

The onshore Chinese yuan weakened 0.25% to 7.1618 against the U.S. dollar shortly after the move Tuesday and hovered at its weakest levels since November.

– Jihye Lee

India is a 'bright spot' in terms of global growth rates, says wealth management firm

Michael Yoshikami, founder of Destination Wealth Management, says that's particularly because tech companies are "starting to move forward in terms of manufacturing in India."

Samsung, SK Hynix rises on report of U.S. allowing Korea and Taiwan's chipmakers to stay in China

Shares of Samsung Electronics and Taiwan Semiconductor Manufacturing rose on Tuesday after the Wall Street Journal reported the U.S. government plans to allow Korea and Taiwan's chipmakers to maintain their operations in China.

Undersecretary of Commerce for industry and security Alan Estevez was quoted by the WSJ as telling an industry gathering that the administration intends to extend the current exemptions for the two markets from a bill aimed at boosting its competitiveness with China.

In South Korea, Samsung Electronics gained 1.27% and SK Hynix rose 2.8%. Taiwan Semiconductor Manufacturing Company, or TSMC, wrote 3.14%.

– Jihye Lee

Cargo has been moving pretty well despite spot shortages of labor, says Port of Los Angeles

Gene Seroka, executive director of the seaport, says cargo is moving "pretty smoothly," though some truckers and port customers are experiencing delays.

India inflation rate slows to lowest since Jan 2021

India 's consumer price index has recorded a 4.25% gain year on year in May, marking its slowest rate of inflation since January 2021.

This was lower than April's figure of 4.7% and also lower than the 4.42% expected by economists polled by Reuters.

Government data showed that prices of clothing and footwear saw the highest increase of 6.64% in May, followed by prices of housing, which increased 4.84%.

— Lim Hui Jie

CNBC Pro: Nervous about high rates? Analysts like these cash-rich stocks, giving one nearly 80% upside

Analysts have singled out a group of companies that will benefit from interest rates staying higher for longer: those that are rich in cash and have strong balance sheets.

Though the U.S. Federal Reserve is expected to pause hikes this week, there are fears it's set to resume them after. That's because of factors such as inflation being stickier than it looks, and a labor market that continues to be tight.

CNBC Pro screened the S&P 500 and MSCI World indexes to look for such cash-rich stocks. One showed up in the screen with nearly 80% potential upside, and another two semiconductor stocks — popular with investors right now — also appeared.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Bain Capital explains its bid to take Chindata private

Jonathan Zhu of Bain Capital discusses the company's offer to take the Chinese data center operator private in a deal valuing it at nearly $3 billion.

CNBC Pro: Morgan Stanley loves these 5 global A.I. chip stocks that could take Nvidia's market share

Nvidia, a dominant player in the artificial intelligence computing market, may face increasing competition from custom chip designers in the near future, according to Morgan Stanley.

"Budget costs and energy requirements are the two major limitations for future AI computing, in our view," said Morgan Stanley analysts led by Charlie Chan in a note to clients on June 11.

"We therefore expect to see increasingly energy-efficient and low-cost AI custom chip designs ahead, matching or even outpacing the growth of NVIDIA's and AMD's general purpose GPUs."

The investment bank is "overweight" on five global stocks that could benefit from this trend.

CNBC Pro subscribers can read more here.

— Ganesh Rao

DBS discusses the launch of its multi-family platform

Lee Woon Shiu, DBS Bank's group head of wealth planning, says "the family office proposition is … the most important game changer to come out of Singapore in the last five years in the wealth management space."

Stocks finish higher, S&P 500 notches best close in 13 months

Stocks closed higher on Monday as investors added to optimism that the central bank could skip a rate hike at their policy meeting this week.

The S&P 500 added 0.93% to close at 4,338.93, while the Nasdaq Composite popped 1.53% to finish the day at 13,461.92. The Dow Jones Industrial Average climbed 189.55 points, or 0.56%, to close at 34,066.33.

Investors will also look toward fresh inflation data this week, with the consumer price index for May due out Tuesday.

— Brian Evans

Relatively light trading day as Wall Street gears up for Fed meeting

It's a relatively quiet day on Wall Street as investors look to the Federal Reserve meeting set for the middle of the week.

Just over 31.5 million shares of the SPDR S&P 500 ETF Trust, a tracker of the broad S&P 500 index, have exchanged hands as of 2 p.m. ET with just two hours left in the trading day. In an average full day over the last 30 sessions, about 80.6 million shares were traded.

That low volume underscores the typical calm-before-the-storm period seen early in weeks with a Fed meeting on the docket. Investors will watch Wednesday's announcement and press conference for any changes to the path of interest rate hikes and commentary from Fed Chair Jerome Powell around the state of the economy and future monetary policy.

Before that, consumer price index data due Tuesday will also be watched given its connection to inflation.

— Alex Harring

Positive impact of improving deliveries for Nio could be offset by tougher market, Nomura says

Tailwinds from improvements in delivery could be restricted by increases in competition for electric vehicle maker Nio, according to Nomura.

Analyst Frank Fan initiated coverage of the China-based vehicle maker's stock at neutral. His $7.50 price target implies U.S.-listed shares will slide about 3% in the next year from where they finished Friday's session.

"We believe the company is on track to improve deliveries in 2H23F," Fan said in a note to clients Sunday, also calling first-quarter deliveries "lackluster." "That said, we expect NIO's implied upside to be capped by intensified competition and limited market share improvement in 2023F, based on the company's 2023 guidance for deliveries vs. the overall growth outlook for the EV industry."

Fan's price target implies further downside for the stock, which has already dropped more than 14% this year.

On Monday, the company cut prices and ended free battery swaps for new buyers despite management saying earlier this year that the company would not enter the electric vehicle "price war." U.S. shares were up more than 7% in Monday's session.

— Alex Harring