(CEP News) - The key event in the Asia Pacific next week will be the release of the closely watched Tankan survey from the Bank of Japan.

The Tankan survey is scheduled for release Tuesday night EDT. The Large Manufacturers Index, the main component of the Tankan, is expected to fall to -55 from -24, the survey's lowest level in 33 years.

"The markets, however, are unlikely to be surprised by such results given all of the data already pointing in that direction," Barclays Capital economist Kyohei Morita said.