Sept 27 (Reuters) - A look at the day ahead in Asian

markets.

Will this week be Chinese President Xi Jinping's equivalent of

Mario Draghi's famous "whatever it takes" moment?

Only time will tell if China's volley of monetary, liquidity and

fiscal stimulus shots this week sparks a sustainable economic

recovery, but the rally ripping through Chinese stocks suggests

investors are willing to give Beijing the benefit of the doubt.

At the very least, downside risks to growth and inflation

have been pared back. Remove the near-term pessimism, and the

outlook is suddenly a lot brighter, regardless of the underlying

fundamental and structural challenges China's economy faces.

Couple that with a U.S. economy still seemingly on track for a

'soft landing' and a central bank determined to get ahead of the

curve to deliver that outcome, the global picture is a lot

brighter too.

Risk assets around the world are responding accordingly. The

MSCI World and S&P 500 both hit new highs on Thursday.

In Asia, Shanghai's blue chip equity index is up 10.8% so

far this week, which would be its biggest weekly rise since

December, 2014. The broader Shanghai composite index is up 9.7%.

A close at that level on Friday would mark its best week since

November, 2008.

Hong Kong's benchmark Hang Seng index's 4% rally on Thursday

brings its weekly gains to 9%, the most in 13 years. An index of

mainland Chinese property stocks, meanwhile, leapt 16%.

The main potential brake on this momentum on Friday will be

a wave of profit-taking ahead of the weekend, especially as it

is coming up to the end of the quarter, and Chinese markets will

be closed Oct. 1-7 for the Golden Week holiday.

While the euphoria and relief are understandable given how

beaten down sentiment and asset prices were, a sense of caution

is warranted.

Although Draghi's "whatever it takes" commitment in 2012 to

save the euro greatly reduced the risk of financial and

political catastrophe - bond yield spreads have been lower ever

since - the actual policies behind it didn't fundamentally solve

the euro zone's severe economic problems.

Similarly, Beijing's measures this week won't fully solve

China's property bust, banish the threat of deflation, or

address its long-term demographic challenges.

But that's for another day. Or year.

The main Asian economic indicator on deck on Friday is Tokyo

consumer price inflation for September, which is expected to

show a fairly sharp slowdown in the annual core rate to 2.0%

from 2.4%.

Minutes from the Bank of Japan's July meeting on Thursday

showed that policymakers were divided on how quickly interest

rates should be raised again, highlighting uncertainty on the

timing of the next increase in borrowing costs.

Here are key developments that could provide more direction

to Asian markets on Friday:

- Tokyo inflation (September)

- Japan leading indicators (July)

- German unemployment (September)