The Asian session will only have two economic releases for today.  With both being located in the Asia continent, traders are sure to be keeping a watchful eye on both Japanese and Indian industrial production.

Japanese output growth is expected to remain healthy – as the economy continues to recovery from the devastating earthquake earlier in the year.  In July, production is estimated to have remained on pace with June, rising by 3.9%.  The mild increase is still below the 4% pace that was expected in June, but continues to signal sector expansion in the world’s third largest economy.  A positive increase would be the fourth straight month of gains.  All in all, gains in productivity should be inline with what Bank of Japan officials noted earlier in the month.  Although economic expansion seems to be returning to the economy, it’s not without its difficulties.  The current situation could lead to further concerned rhetoric on the country’s appreciating currency, which continues to rise.

Production in Indian is also expected to remain positive – but fall in comparison to other monthly gains.  According to estimates, industrial production is anticipated to have risen by 5.5% – worse than the 5.6% nine month low in May.  The June number, although healthy, reflects tightened monetary policy as the Reserve Bank of India continues to target rampant 8.62% inflation.  The central bank has raised rates 11 times since Q1 of last year.