Data points from Asia's two biggest economies, a Bank of Japan policy meeting and minutes from the latest Federal Reserve meeting will likely influence regional markets this week against a backdrop of key trade talks and a meeting of world leaders.
Ministerial talks on the U.S-led Trans Pacific Partnership (TPP) free trade pact will kick off Monday in Singapore while global leaders will flock to Manila mid-week for the start of the World Economic Forum (WEF) on East Asia.
Eyes on Japan
Tokyo's Cabinet Office released March machinery orders on Monday, an important read on business investment which is key to Prime Minister Abe's deflation-busting strategy. Orders surged an annual 16.1 percent, blowing past estimates for a gain of 4.2 percent.
"This could be a sign that the stimulus-led demand so far is now turning into private demand growth for Japan. Today's numbers are another confirmation that Japan may be on its way to sustainable growth," said Takuji Okubo, principal & chief economist at Japan Macro Advisors.
Tuesday sees the release of Japanese trade for April, which is widely tipped to show a deficit for the 22nd straight month. March's reading saw the deficit quadruple to $14 billion as a weaker currency increased import costs.