What’s Important in Asia This Week

Bank of Japan headquarters in Tokyo, Japan
Kiyoshi Ota | Bloomberg | Getty Images
Bank of Japan headquarters in Tokyo, Japan

The week ahead in Asia will see a raft of central bank meetings, starting off with Japan and followed by Malaysia, New Zealand, South Korea, Indonesia and the Philippines.

The Bank of Japan kicks off a two-day meeting on Monday amid some talk that it could announce some measures to curb volatility in the Japanese government bond (JGB) market.

JGB yields have risen sharply since the BOJ unveiled an aggressive monetary stimulus program in early April as traders assess what the measures mean for the market.

(Read More: Japan PM Abe Unveils Plan for Tax Cuts to Boost Capex)

And in recent weeks, the volatility has spilled over into both the stock market which has pulled back from May's five-and-a-half year peaks, and the yen which has given up some of this year's heavy losses against the dollar.

"We have the Bank of Japan meeting this week and markets are not looking for too much, but it's not out of the question that they may come out with something," said Greg Gibbs, currency strategist at the Royal Bank of Scotland.

Shane Oliver, chief economist at AMP Capital in Sydney added: "At the last meeting [BOJ Governor] Kuroda said they had done enough in terms of monetary stimulus and this added to the volatility in Japanese markets. I don't think it necessary for them to do more as they are pumping out record amounts of cash into the economy."

The BOJ has said it would buy 7.5 trillion yen ($743 billion) worth of long-term bonds a month – that's roughly 70 percent of new debt issuance – to help revive Japan's economy and end deflation.

(Read More: Japan Revises First Quarter Growth Figures Upwards)

The Bank of Korea is expected to meet on Thursday, a month after it delivered a surprise interest rate cut to bolster its economy.

Tim Condon, head of Asia research at ING Financial Markets said he expected South Korea's central bank to leave its key interest rate steady at 2.50 percent this week.

Malaysia's central bank is scheduled to meet on Tuesday, while central bankers in New Zealand, Indonesia and the Philippines meet on Thursday.

China Data Deluge

Chinese economic data released at the weekend grabbed the market spotlight early in the week with analysts mulling what the numbers mean for the world's second biggest economy.

China's exports grew just 1 percent in May from a year earlier, compared with a 14.7 gain the previous month, while imports fell unexpectedly. Retail sales grew 12.9 percent in the year to May, fixed asset investment grew 20.4 percent industrial output was up 9.2 percent, all little changed from April.

"It does look like exports and manufacturing are weakening and there are concerns about a hard landing in China," Vishnu Varathan, market economist at Mizuho Corporate Bank told CNBC Asia's "Squawk Box" on Monday.

(Read More: China Data Highlights Weak Economy, Remedies in Focus)

Chinese markets are closed Monday to Wednesday for a public holiday.

Outside Asia, U.S. retail sales and industrial output data released towards the end of the week could be in focus for regional markets as investors continue to work out the possible timing for an unwinding of the Federal Reserve's monetary stimulus program.

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