This week's Federal Reserve policy meeting is likely to top all other major events and economic data in Asia, as investors wait to see if the central bank undertakes a much-anticipated scaling back of its monetary stimulus.
The Fed meets on Tuesday and Wednesday, and many strategists expect the U.S. central bank to begin paring back its $85 billion monthly bond buying.
What does that mean for Asian markets? Well, analysts say that depends on just how much the Fed tapers its monthly asset purchases.
(Read more: Here it comes: Are you ready for the Fed to taper?)
"Anything above $10 billion would have more of an impact on risk assets and a negative impact on emerging markets in Asia," Mitul Kotecha, head of global currency strategy at Credit Agricole, told CNBC last week. "Anything below $10 billion would be seen as a token move."