Asian investors will likely pay attention to key data releases from the world's third-largest economy and emerging markets this week.
Thursday and Friday will see the release of Japanese jobs, retail sales, household spending, consumer price inflation, and industrial output for April, alongside growth figures from the Philippines and India.
"Japanese data will show the initial impact from the recent sales tax hike. This is likely to show up as a fall in household spending and industrial production (both of which were boosted prior to the hike) and a spike in inflation to around 3 percent. Labor market data is unlikely to be much affected," said Shane Oliver, head of investment strategy and chief economist at AMP Capital.
Policymakers have been increasingly worried about a drop off in consumption following April's sales tax increase, but recent evidence shows the impact may not be as bad as anticipated.
Last week, a Reuters poll showed that 63 percent of companies surveyed expect sales to rise by year-end while 37 percent were willing to raise worker salaries compared with only 8 percent in November's survey.