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• That has further rattled investors as they grappled with fears of slowing global growth, corporate earnings and U.S.-China trade tensions.

In an effort to reassure investors, Treasury Secretary Mnuchin spoke on Sunday with the heads of the six largest U.S. banks, who confirmed they have enough liquidity to continue lending and that “the markets continue to function properly.”

U.S. bond yields have declined as the market rout, including a steep sell-off in oil, prompted investors to move into safe-haven government debt, adding to the growing pressure on the dollar.

The dollar traded at 110.56 yen after retreating to a four-month low of 110.00 overnight against its Japanese peer, which also tends to attract demand as a perceived safe-haven during times of market volatility and economic stress.

The euro was 0.25 percent higher at $1.1418.

The 10-year U.S. Treasury note yield stood at 2.747 percent following a descent on Monday to 2.733 percent, lowest since early April.

In commodities, U.S. crude futures were up 1.35 percent at $43.11 per barrel after tumbling 6.7 percent on Monday.

Oil prices plunged to the lowest level in more than a year on Monday, as bearish stocks added to fears of an economic slowdown.

Safe-haven gold was well bid, with spot prices at a six-month peak of $1,270.25 per ounce.

• U.S. President Donald Trump on Tuesday said the partial shutdown of the federal government was going to last until his demand for funds to build a wall on the U.S.-Mexico border is met.

• President Donald Trump on Tuesday reiterated that the U.S. Federal Reserve was raising interest rates too quickly but added that U.S. companies were "the greatest in the world" and presented a "tremendous" buying opportunity for investors.

"They're raising interest rates too fast because they think the economy is so good. But I think that they will get it pretty soon," Trump told reporters in the Oval Office, referring to the U.S. central bank.

"I have great confidence in our companies. We have companies, the greatest in the world, and they're doing really well. They have record kinds of numbers. So I think it's a tremendous opportunity to buy," Trump said after speaking with U.S. troops deployed abroad via video conference.

• President Donald Trump on Tuesday expressed confidence in Treasury Secretary Steven Mnuchin amid worries over a weakening economy and a stock market slump, but repeated his criticism of the U.S. Federal Reserve, saying it has raised interest rates too quickly.

Asked if he has confidence in Mnuchin, Trump said: “Yes, I do. Very talented guy. Very smart person,” he said. His comments came after Mnuchin on Monday held a conference call with U.S. regulators to discuss plunging U.S. stock markets.

• Bank of Japan policymakers disagreed on the feasibility of allowing bond yields to move more flexibly around the central bank’s zero percent target, reflecting division within the board on how to address the growing dangers of prolonged easing, minutes of their October rate review showed on Wednesday.

One member said the central bank should not rule out options such as widening the range in which bond yields could move, or shortening the duration of the government bond yield that it targets from the current 10-year yield, the minutes showed.

Another member disagreed, however, saying that doing so when inflation remained low could undermine the BOJ’s credibility by casting doubt on its commitment to achieve its inflation target.

The nine-member board agreed on the need to maintain monetary policy ultra-loose for the time being, while staying vigilant to the impact of prolonged stimulus on Japan’s banking system, according to the minutes.

Reference: CNBC, Reuters