Asian stock markets mostly advanced Tuesday after the Bank of Japan (BoJ) raised its inflation target and adopted an open-ended asset purchasing program at the end of its two-day policy meeting.

Hong Kong's Hang Seng advanced 0.12 percent or 28.06 points to 23,618.97, South Korea's KOSPI Composite gained 0.49 percent or 9.66 points to 1,996.52 and Indian benchmark BSE Sensex rose 0.15 percent, while Japanese benchmark Nikkei declined 0.35 percent or 37.81 points to 10,709.93 and Chinese Shanghai Composite fell 0.65 percent.

Japan's central bank formally adopted a 2 percent inflation target Tuesday and also introduced an open-ended asset purchasing method as part of its aggressive monetary stimulus measures intended to revive the economic growth momentum in the world's third largest economy. The central bank will purchase 13 trillion yen ($145 billion) in assets every month from January 2014 including 2 trillion yen in Japanese government bonds and about 10 trillion yen in treasury bills.