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The International Monetary Fund called for early and decisive actions to address shifting risks in Asia, although viewing that the extent and direction of future policy depends upon each economy. In the Regional Economic Outlook for Asia and Pacific published on Monday, the IMF said growth in Asia is set to pick up this year driven largely by continued robust domestic demand.

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Pending home sales in the U.S. increased more than anticipated in the month of March, according to a report released by the National Association of Realtors on Monday, although the trade group noted that contract activity in recent months shows only modest movement. NAR said its pending home sales index rose 1.5 percent to 105.7 in March after falling by 1 percent to 104.1 in February.

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Pending home sales in the U.S. increased more than anticipated in the month of March, according to a report released by the National Association of Realtors on Monday, although the trade group noted that contract activity in recent months shows only modest movement.

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Japan's industrial output growth slowed more than forecast in March, while retail sales continued its downtrend, vindicating the actions of the central bank, which recently announced massive stimulus measures aimed at boosting growth. Industrial production rose 0.2 percent month-on-month in March decelerating from the 0.6 percent increase in February.

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South Korea's industrial production declined for a third consecutive month in March even as the economy was struggling to counter the effects of a still-fragile global economic situation and a sliding yen that threatens the country's export prospects. Production fell a seasonally adjusted 2.6 percent from February, when output was down 0.9 percent, Statistics Korea said Tuesday.

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After reporting a substantial deterioration in U.S. consumer confidence in the previous month, the Conference Board released a report on Tuesday showing that consumer confidence rebounded by more than expected in April. The Conference Board said its consumer confidence index jumped to 68.1 in April from an upwardly revised 61.9 in March.

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Chicago-area business activity unexpectedly contracted in the month of April, according to a report released by the Institute for Supply Management - Chicago on Tuesday, with the reading on regional business activity falling to its lowest level in over three years. The ISM Chicago said its business barometer fell to 49.0 in April from 52.4 in March.

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House prices in the UK declined in April after staying flat in the previous month, a survey by mortgage lender Nationwide Building Society revealed, which said that activity levels are set to strengthen in the coming months supported by the government's revised credit scheme. The modest increase in prices was in contrast to expectations for an increase.

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Chinese manufacturing activity expanded at a slower rate in April, as new orders and production growth eased, underpinning concerns that the recovery at the world's second largest economy still remained fragile. The purchasing managers' index that measures the performance of the manufacturing sector, fell to 50.6 in April from 50.9 in March, official survey showed.

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With spending on public construction showing a substantial drop in the month of March, the Commerce Department released a report on Wednesday showing an unexpected decrease in total construction spending for the month. The report showed that construction spending fell 1.7 percent to an annual rate of $856.7 billion in March.

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