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What’s important in Asia this week

Asian markets have plenty to chew over this week, with the Federal Reserve, Bank of Japan (BOJ) and Reserve Bank of India (RBI) due to hold policy meetings and a slew of economic data from the region's biggest economies also on the calendar.

The RBI meets on Tuesday, while the Fed concludes a two-day meeting on Wednesday and the BOJ meets on Thursday.

(Read more: Gold may stumble towards $1,400 this week)

The Fed is widely expected to leave its monetary policy stimulus program in place; Japan's central bank is also forecast to leave its monetary policy unchanged, while the RBI is expected to hike interest rates to keep inflation in check.

"A busy week lies ahead with three central bank meetings with the spotlight on the FOMC [Federal Open Market Committee]," analysts at Mizuho Corporate Bank said in a note, referring to the Fed's policy-making body.

Shibuya district, Tokyo
Getty Images
Shibuya district, Tokyo

"In emerging-market Asia, the RBI meeting is the key event. While the consensus is for a 25 basis point repo rate hike, we expect a pause; but perhaps with hawkish rhetoric," they added.

Many analysts expect a rate rise in India to contain inflation. India's wholesale price index, a closely followed gauge of inflation, rose a higher-than-forecast 6.46 percent in September from a year earlier.

(Read more: India's central bank follows Fed with market surprise)

On the data front, Japan releases September household spending, jobs, industrial output and retail sales numbers on Tuesday.

Economists polled by Reuters forecast household spending rose 0.5 percent last month from a year earlier, compared with a 1.6 percent fall in August.

Retail sales are expected to rise 1.9 percent in September from a year earlier, compared with a 1.1 percent increase the month before.

The data could add to signs of strength in the Japanese economy, which has picked up this year on the back off aggressive monetary stimulus from the BOJ.

"In Japan, expect data for household spending, the labor market and industrial production to show ongoing evidence of economic growth. The BOJ is expected to leave monetary policy on hold Thursday," Shane Oliver, head of investment strategy and chief economist at AMP Capital, said in a note.

In China, Friday is likely to see the release of the official October Purchasing Managers' Index of manufacturing activity and the final reading of HSBC's October PMI.

Last week, the flash HSBC PMI rose to a seven-month high of 50.9. Still, the final reading is likely to be watched closely after the first estimate of the PMI in September was sharply revised lower in the final reading.

(Read more: China HSBC flash PMI hits a seven-month high)

The week ahead also sees earnings season in the region kick into gear with results from a number of firms due. They include Chinese firms PetroChina and Baidu, Japan's Nomura,Panasonic and Sharp and Singapore-based bank DBS.

—By CNBC.Com's Dhara Ranasinghe; Follow her on Twitter @DharaCNBC

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