Asia's Economic Growth and Cryptocurrency Prices Face a Test This Week

Asia's economic growth and cryptocurrency prices are facing a test this week as the region's calendar is packed with business surveys, inflation updates, and Malaysia's interest-rate decision.

The data-heavy week kicked off on Monday with China's official composite PMI slipping back into contraction at 49.5, according to recent releases. This has raised questions about demand and prices in the region.

Japan's industrial production rose 4.1% year over year in July, while retail sales increased by 4% to 13.88 trillion yen. South Korea, on the other hand, saw a decline in retail sales of 0.8% year over year.

The Bank of Japan policy board member Hajime Takata is set to speak midweek after his proposed move to a 1.25% policy rate was voted down in July. His speech may provide clues on how far the Bank of Japan might push rates, which could impact short-dated Japanese government bond yields and support the yen in the near term.