By Kevin Plumberg

HONG KONG (Reuters) - Asian stocks rebounded on Tuesday from the previous day's dip, as bargain hunters scoured the market after five days of losses, though rising inflation and high oil prices kept investors uncertain about the outlook.

The U.S. dollar slipped back toward one-month lows against major currencies, putting upward pressure on the cost of crude, which has already risen about 20 percent in May to record highs above $130 barrel.

Rising commodity prices have fed inflation around the world, hitting consumers' pockets and causing investors to question asset valuations, particularly in the bond market where the yield on the benchmark 10-year Japanese government bond rose to a fresh nine-month high on Tuesday.

Companies such as robot maker Fanuc (6954.T: Quote, Profile, Research) and clothing firm Fast Retailing (9983.T: Quote, Profile, Research) led Japan's Nikkei share average .N225 up 0.8 percent, a day after they were leaders in dragging the index down in its biggest one-day drop in six weeks.

South Korea's KOSPI .KS11 also climbed 0.8 percent after six straight days of declines, with technology giant Samsung Electronics (005930.KS: Quote, Profile, Research) paving the way higher.

"Stocks rose on a rebound after investors sold them off too sharply yesterday, though the market lacks direction as overseas markets were closed," said Masaru Hamasaki, senior strategist at Toyota Asset Management.

The rally in Asian equities sucked money from government bonds.

Ahead of a 20-year bond auction later on Tuesday that would add more supply to the market, the 10-year Japanese government bond yield rose 3 basis points to 1.770 percent, the highest since early August.