Asian Stocks joined the global rally on Tuesday, with Japan's Nikkei 225 spiralled to a three-decade high. The US dollar continued to be sold off pushing all major currencies higher.

The huge action on Tuesday was in Tokyo where the benchmark Nikkei 225 index soared 727.81 points or 2.71 percent to 27,581.92 - a 30 year high. The Australian All Ordinaries jumped 44.60 points or 0.64 percent to 6,962.10.

"With the Brexit ... and the United States stimulus deal now in the rear-view mirror, there is a sense of relief that we have avoided the respective worst-case scenarios," Stephen Innes, chief global market strategist at Axi, told.

In Hong Kong, the Hang Seng was still trading at the time of writing, with the key index more than 200 points higher. In China, the Shanghai Composite was going against the trend, heading for a small loss on the day.

Japan reports first case of new coronavirus strain that emerged in South Africa

South Korea counts daily high of 40 virus deaths

US House passes bill to increase $2000 stimulus checks for Covid-hit citizens,