What's hot in Asia this week

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.

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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.

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No major policy announcements are expected at the conclusion of the Bank of Japan's (BOJ) two-day policy meeting on Wednesday.

"The central bank is likely to remain on hold, awaiting more clarity on whether or not there has been any lasting impact from the sales tax hike," said Shane Oliver, head of investment strategy and chief economist at AMP Capital.

Tomo Kinoshita, Nomura's chief economist and managing director, believes the BOJ will only unveil fresh easing measures in October, which is when Nomura expects inflation to drop below 1 percent on year.

China PMI time

HSBC's May flash purchase manufacturing index (PMI) for the world's second-largest economy is due on Thursday. AMP's Oliver expects the index to remain soft at around 48, little changed from April's final reading of 48.1 but below the government's April PMI reading of 50.4.

In a note released on Friday, the bank said that "China is in a stronger position today to avert a hard landing due to its buffer in terms of foreign reserves and national savings. Due to tax reforms in the 1990s, government revenues are also a much healthier and more stable proportion of GDP (gross domestic product)."

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Southeast Asia may also draw some attention with first-growth figures for Thailand and Singapore expected on Monday and Tuesday, respectively.

According to a Reuters poll of 10 economists, Singaporean growth is seen 5.5 percent higher from a year ago, above than the governments advance estimate of 5.1 percent, thanks to strong manufacturing data in March.

Events outside the region will also be in the spotlight.

In the U.S., minutes from the latest Federal Reserve meeting and a speech by Chair Janet Yellen on Wednesday will be watched for clues on the direction of interest rates once the central bank's bond-buying program ends.