China is also scheduled to announce May readings for its manufacturing and nonmanufacturing purchasing managers indexes on May 31, which could shape investors' views on the pace of the country's economic recovery following strong first-quarter GDP figures. Markets will watch whether export strength in machinery and technology products will continue to offset weak domestic demand.
On the political front, analysts will also watch for a potential visit by Chinese President Xi Jinping to North Korea, following earlier reports in South Korean media.
South Korea
The Bank of Korea's first rate-setting meeting under new Gov. Shin Hyun-song is due Thursday, with most economists expecting the central bank to hold interest rates steady while raising its growth outlook for this year.
Markets are closely watching the bank for any signs of a shift toward a more hawkish policy stance after it kept its base rate unchanged at 2.50% for a seventh straight meeting in April.
