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Consumer credit in the U.S. showed a notable increase in the month of April, according to a report released by the Federal Reserve on Friday, although the increase fell short of economist estimates.

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Japan saw a current account surplus of 750.0 billion yen in April, the Ministry of Finance said, surging by 100.8 percent on year.

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Japan's gross domestic product gained a seasonally adjusted 1.0 percent in the first quarter of 2013 compared to the previous three months, the Cabinet Office said in Monday's final revision.

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China's economic growth likely slowed again in the second quarter, as a set of economic data released over the weakened pointed to sluggish activity across the world's second largest economy. Exports, lending, industrial production and fixed asset investment showed weaker growth in May while retail sales maintained momentum. Inflation slowed unexpectedly during the month.

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Slovakia's industrial production grew at a faster pace in April, data released by the Statistical Office of the Slovak Republic showed on Monday.

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Credit ratings agency Standard & Poor's upgraded its outlook for the U.S. credit rating to "stable" from "negative" on Monday, reducing the likelihood of a near-term downgrade. S&P said the stable outlook reflects receding downside risks to the 'AA+' rating on the U.S., which have reduced the likelihood of a ratings downgrade to less than one in three.

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Consumer prices in Greece declined annually for the third consecutive month in May, data from the Hellenic Statistical Authority showed on Monday.

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The M2 money stock in Japan was up 3.4 percent on year in May, the Bank of Japan said on Tuesday, standing at 843.8 trillion yen.

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The Bank of Japan will on Tuesday conclude its monetary policy meeting and then announce its decision on interest rates, highlighting a modest day for Asia-Pacific economic activity. The BoJ is widely expected to keep the nation's benchmark interest rate at the record low 0 to 0.10 percent, although analysts believe that some additional stimulus measures may be introduced.

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The Bank of Japan on Tuesday decided to retain its target of doubling the monetary base in two years, but stopped short of announcing any new steps to curb bond market volatility. Meanwhile, the central bank upgraded its view of the economy. The BoJ said its money market operations will continue to target an expansion of monetary base at an annual pace of JPY 60-70 trillion, as announced in April.

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