Rate hike to bring relief to Asian markets: JPM's Adrian Mowat

China's growth target

As the financial world turns its eyes toward the Federal Reserve and awaits the decision on interest rates, JPMorgan Chase's Adrian Mowat said Monday he believes a hike will be something positive for Asian markets.

"I think it will mean a great sense of relief. Just get on with it," the company's chief emerging market and Asian equity strategist said in a CNBC "Squawk on the Street" interview.

"I think the psychology of the central bank not moving ... when the marco-economic data is very strong, in particular when we look at those vacancy data points from last week, is a problem," Mowat added.

The Fed is scheduled to kick off its two-day meeting on U.S. monetary policy Wednesday and is slated to announce its decision Thursday at 2 p.m. ET.

Mowat also said that, if the central bank does in fact raise rates, it will lead to widespread short covering in the region, which could lead to a bounce.

China's problem? It's still outperforming everyone else
A worker stands on piles of industrial products before exporting, at a port of Lianyungang, China
China's economic growth sputters in August

Asian equities closed mixed overnight as investors digested a number of Chinese economic data sets.

Growth in China's fixed asset investment and industrial production missed expectations in August, the National Bureau of Statistics said Sunday, while retail sales rose 10.8 percent in August, beating expectations slightly.

"The numbers were going to look bad for last month. If you remember, we had that enormous industrial accident in Tianjin, which impacted Tianjin but also impacted the general flow of trade. It hit the production of cars," Mowat said.

"The story on consumption is also a bit mixed. The retail sales numbers always look OK; the anecdotal evidence is a bit more mixed. I would, though, highlight that some of the data out of the auto industry is not quite as bad as people are fearing, and we continue to see good data from e-commerce and from the services sector."

China's Shanghai composite and Shenzhen composite on Monday fell 2.67 percent and 6.7 percent, respectively, while Hong Kong's rose modestly.

—CNBC's See Kit Tang contributed to this report.