Asian countries are experiencing greater pressure as a result of the European debt crisis and efforts to cool inflation that has plagued several countries this year. China, a huge importer of Mongolian resources, seems to be continuing it decline in growth as well.

A slowdown in Asia's economy could prompt more countries to reverse, at least partly, some of the monetary tightening taken over the past few years to clamp down on price pressures. Australia's central bank Tuesday was the latest in the region to ease policy, following Indonesia, Pakistan, and Singapore, amid heightened global growth concerns. Although China has sent mixed messages, analysts believe it is along the path of moderate growth.

"Weakness in China's economy is being primarily driven by policymaker intent," said Ashley Davies, an economist at Commerzbank. "If the authorities get sufficiently concerned about growth they can always reverse policy tightening. This is in contrast to developments in Europe and in the U.S."

Purchasing managers indexes showed Taiwanese manufacturing activity contracted at its fastest rate in almost three years in October, while South Korea output continued to shrink, though at a slower pace than September.

Korea's manufacturing activity contracted for a third straight month, but at a slower pace than in September as well. Inflation rose to 3.9 percent, inside the Bank of Korea's 2 percent to 4 percent target band for the first time this year.  Export growth slumped to a two=year low while imports weakened. Exports rose 9.3 percent in October from a year earlier, the weakest performance since 2009. Most worrying is its 4.9 percent year-to year drop in Korean capital investment related imports, which could indicate that companies are growing their businesses less aggressively.