This week, watch Japan data blitz and India GDP

Yoshikazu Tsuno | AFP | Getty Images

The highlights for Asian markets this week include a slew of Japanese data and third quarter economic growth data from India.

The Thanksgiving Day holiday in the U.S. on Thursday could lead to subdued trading in markets and analysts expect investors globally to focus on durable goods and house price data released early in the week for insight on when the Federal Reserve may start to scale back its monetary stimulus.

(Read more: Stocks enter holiday season with a tailwind)

"The real big question at the moment is what happens with monetary policy and watching the Fed is still the key thing for markets at the moment," Paul Bloxham, chief economist for Australia and New Zealand at HSBC, told CNBC Asia's "Squawk Box." "The economic data is looking better and that means the Fed is probably going to start tapering sometime in the first quarter of next year."

In Japan, markets brace for a deluge of data due for release towards the end of the week.

October retail sales, inflation, jobs, industrial production and household spending data are all on the calendar.

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"October retail sales, industrial production and the jobless rate should point to improvement in the economy," analysts at Mizuho Corporate Bank said in a note. "But more importantly, the October consumer price index (CPI) may generate a major yen move. Higher inflation will likely induce a measured boost for the ."

Tokyo has been hoping the weak yen, which has boosted exports and lifted import prices, will help push Japan out of two decades of deflation and help revive the economic fortunes of the world's third biggest economy.

Mizuho forecasts that Japan's CPI rose 1.1 percent in October from a year earlier, the same rise as a month earlier.

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India releases its third-quarter gross domestic product (GDP) numbers on Friday and analysts say the data could prove a turning point for the Asia's third biggest economy.

Worries about a wide-current account deficit, sluggish economic growth and the slow pace of structural reforms have dented appetite towards Indian assets in recent months.

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"Things have been turning a corner, albeit very gradually, in the third quarter and this could set the stage for GDP growth to pick up modestly to 4.7-4.8 percent from 4.4 percent in the second quarter," analysts at Mizuho said.

(Read more: Is India's economy finally getting its groove back?)

Elsewhere in Asia, the Philippines also releases third-quarter GDP data this week, while the Bank of Thailand is scheduled to meet on Wednesday.

The Thai central bank is expected to leave its key interest rate unchanged at 2.5 percent.

Australian markets could focus attention on quarterly investment data on Thursday for the outlook on mining investment, which has fueled the Australian economy in recent years.

"Business investment in the September quarter is at risk of a fall given a 4 percent gain in the June quarter and capex plans are likely to confirm that mining investment has peaked and that the outlook for non-mining investment remains weak," said Shane Oliver, head of investment strategy and chief economist at AMP Capital, in a note.

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