Asia stocks opened higher on Tuesday, cruising in the slipstream of a record high overnight gauge of global equity markets, with investors hoping for inflation and monetary policy clues later in a week full of key central bank meetings and data points.

Japan's economy shrank at a slower-than-initially reported pace in the first quarter, on smaller cuts to plant and equipment spending, but the coronavirus pandemic still dealt a huge blow to overall demand.

Oil prices lost more ground on Tuesday as concerns about the fragile state of the global recovery in demand for crude and fuels were heightened by data showing China's oil imports fell in May.

TOKYO (Reuters) - The U.S. dollar was subdued on Tuesday as investors looked to U.S. inflation data due later in the week after softer-than-expected jobs data quelled expectations of an early tapering in the Federal Reserve’s stimulus.

The dollar began the week on the defensive after being dented by a second batch of disappointing jobs figures, as traders turned to whether upcoming inflation data could add pressure on policymakers to taper monetary stimulus.

Oil pulled back after hitting fresh multi-year highs on Monday, as investors awaited the outcome of this week's talks between Iran and world powers over a nuclear deal that is expected to boost crude supplies.