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Japan data, Thai turmoil in focus for Asia this week

A slew of data from Japan this week is likely to be in focus amid concerns that momentum in the country's economic recovery is waning.

Political developments could also be in the spotlight following violence in Thailand over the weekend and the ousting of Viktor Yanukovych as Ukraine's president after months of street protests.

(Read more: Bomb in Thai capital as PM vows to 'deal with' protesters)

"We go into the week with a new government in Ukraine, (and) with continued uncertainty in Thailand," said Tony Nash, vice president at IHS told CNBC Asia's "Squawk Box" on Monday. "We're also looking at more data from China and what that means."

Debris sits on the ground at the scene of a deadly explosion at an anti-government rally on February 23, 2014 in Bangkok.
Getty Images
Debris sits on the ground at the scene of a deadly explosion at an anti-government rally on February 23, 2014 in Bangkok.

Latest China property data are due later on Monday, while South Korea's president on Tuesday is expected to unveil a growth plan and Hong Kong's budget is due out on Wednesday.

The start of the week should also see regional markets digest comments over the weekend from the G-20 meeting of world finance ministers and central bankers in Sydney over the weekend.

For the first time, the G-20 said they would implement plans to boost world economic growth by an additional 2 percentage points over the coming years.

(Read more: IMF's Lagarde confident on 'action-oriented' G-20 plan)

Japan releases January household spending data, inflation numbers, industrial output and retail sales figures towards the end of the week.

The data will offer a snapshot of the health of Japan's economy before a sales-tax hike takes effect in April.

Economists polled by Reuters forecast retail sales rose 3.8 percent in January from a year earlier, compared with a 2.6 percent gain in November.

Data last week showed Japan's economy, the world's third largest grew, just 0.3 percent in the fourth quarter from the previous one. That was below market expectations for a 0.7 percent increase and stoked concerns that Prime Minister Shinzo Abe's plans to revive the economy have stalled.

(Read more: Japan's GDP miss – What went wrong?)

"Japanese January data for household spending, the labor market and industrial production are likely to show continued growth, and a continuing rising trend in inflation (all due Friday)," said Shane Oliver, head of investment strategy and chief economist at AMP Capital in Sydney, said in a note.

In South Korea, President Geun-hye is expected to outline how she plans to nearly double South Korea's per capita national income, according to local media reports.

January trade data from Thailand is due on Tuesday and earnings season continues with results from China's Baidu, Australian flag carrier Qantas and HSBC on the calendar.

— Writing by CNBC's Dhara Ranasinghe. Follow her on Twitter at @DharaCNBC

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