Asia Economy

More China, Japan data on tap this week

What you need to know in Asia this week

As the third-quarter comes to an end, key economic data will offer investors a look into how Asia's largest economies fared during the past month.

Focus will fall on China, with the release of September's final factory activity reports following last week's preliminary readings. On Tuesday, HSBC publishes its final purchasing manager's index (PMI) while Beijing's official figure is due on Wednesday. The bank's initial estimate unexpectedly rose to 50.5 in September on strong orders, but optimism was offset by factory employment sinking to a five-and-a-half year low.

China's official services PMI for September is also due later on in the week; traders will look for a continuation of last month's positive trend. HSBC's services PMI jumped to a 17-month high of 54.1 in August, while the official PMI rose to 54.4 from July's six-month low.

Read MoreChina's factory activity picks up, but jobs a worry

Over in Japan

On Tuesday, Japan's August data deluge of household spending, jobs, industrial output and retail sales will be monitored for signs of improvement following the impact of April's tax hike. Investors should expect a mixed picture, according to forecasts from Moody's Analytics.

Employment will likely be unchanged at 3.8 percent on year, while retail are seen sales ticking up an annual 0.1 percent, slowing from July's 0.5 percent gain. On the bright side, household expenditure is seen rising 0.5 percent on year following July's steep 5.9 percent decline, while industrial output could expand 0.6 percent from the year before, faster than the previous month's 0.2 percent.

Gary Conner | Getty Images | Getty Images

"Given the weakness in [April's] post-hike economic data, the Bank of Japan policy board is expected to once again lower its FY14 growth forecast at the 31 October one-day meeting, from its July projection of 1 percent on year," said economists at HSBC in a report.

Read MoreJapan's core consumer prices rose 3.1% in August

Central bank decisions in focus

The European Central Bank's (ECB) will be in focus when it meets for a policy review on Thursday. Analysts are divided as to whether the ECB will deliver additional stimulus following September's slew of liquidity-boosting measures.

"Despite weak business confidence and inflation data, the ECB is unlikely to announce further monetary easing but may provide details of its proposed QE (quantitative easing) program involving asset backed securities," said Shane Oliver, head of investment strategy and chief economist at AMP Capital in a note.

Meanwhile, the Reserve Bank of India holds a monetary policy meeting on Tuesday. Economists polled by Reuters expect the central bank to leave its key repo rate unchanged at 8 percent until the second quarter of next year.

Read MoreLike Fed, India won't budge on rates until next year

What Modi wants to achieve in US visit

Elsewhere in the region

Traders may watch Indian Prime Minister Modi's four-day visit to New York and Washington D.C. starting Monday for any announcements of business or political deals.

Read MoreNext stop in Modi's global PR campaign: USA

Australia releases August retail sales and trade data on Wednesday and Thursday, respectively. While Moody's sees retail sales unchanged on month, the foreign trade deficit is expected to narrow slightly to A$1.1 billion from July's A$1.36 billion.