Hongkong, China (BBN)-Asian shares traded lower after talks between Greece and eurozone ministers broke down when it rejected an extension of its bailout programme.
Dutch Finance Minister Jeroen Dijsselbloem said Athens had until Friday to request an extension, otherwise the bailout would expire at the end of February, reports BBC.
The euro fell to $1.1345 against the dollar from Monday's high of $1.14295.
Japan's benchmark Nikkei 225 index was down 0.3% to 17,952.65.
The index had closed at it highest level since July 2007 on Monday, rising above 18,000 for the first time in over seven years.
The dollar was at 118.34 yen, off Monday's high of 118.88.
Bucking the downward trend, Chinese shares headed higher with Hong Kong's Hang Seng index trading flat at 24,737.44.
The Shanghai Composite was up 0.7% to 3,244.29.
Data showed that average new home prices in China's 70 major cities fell 5.1% in January from a year ago, marking the fifth consecutive month of falling prices.
In Australia, the benchmark S&P/ASX 200 was down 0.4% to 5,866.
Shares of ANZ were down 2.3% after the bank reported a small rise in cash profit amid falling loan margins in its first quarter.
It also warned that 2015 was going to be a "slightly tougher, more volatile" environment.
South Korean shares traded flat after the country's central bank decided to leave interest rates unchanged for the fourth consecutive month.
BBN/SK/AD-17Feb15-10:20am (BST)