Japan is scheduled to release a raft of data on Wednesday, highlighting a busy day for Asian economic activity. On tap are July numbers for machinery orders and current account, as well as August figures for bank lending, money supply, bankruptcies and the economy watchers survey.

Machinery orders are expected to rise 8.1 percent on year and 2 percent on month after falling 2.2 percent on year and adding 1.6 percent on month. The current account is expected to show a surplus of 1.534 trillion yen following the 1.047 trillion yen surplus in June.

Bank lending fell an annual 1.8 percent in July, while the M2 money supply added 2.7 percent in the previous month, bankruptcies declined an annual 23.1 percent and the eco watchers survey is expected to post a score of 46.4 - down slightly from 46.6 in July.

Also, the Indonesian stock market will be closed for the next week in observance of the Eid-ul-Fitri holiday. The Jakarta Composite Index will re-open on September 15.