Asian shares fell and the dollar was firm on Monday as investors looked ahead to a week packed with central bank meetings including the Federal Reserve and the Bank of Japan, which will be closely scrutinised for the global monetary policy outlook.

Oil prices fell slightly in Asian trade on Monday as traders hunkered down in anticipation of several key central bank meetings this week, although the prospect of a tighter market, on more supply cuts, kept prices at 10-month peaks.

The U.S. dollar and most major currencies were flatlining in early trades on Monday, barring a blip in sterling, as a Japanese holiday and a bunch of upcoming central bank meetings sucked the air out of markets.

The European Central Bank (ECB) raised its rates by 0.25% on Thursday, setting a new record for the deposit rate at 4%. This marks the 10th consecutive increase by the central bank. However, the euro and European bond yields have both declined in response to this move, suggesting that the ECB may be nearing the end of its policy tightening phase.

Japan's core inflation likely ran at 3.0% in August, according to a Reuters poll, staying above the central bank's 2% target for a 17th straight month in a sign of broadening price pressure in an economy trying to escape from a long deflationary phase.

China's industrial output and retail sales grew at a faster-than-expected pace in August, but property investment slumped further and could drag on broader demand even as the recent flurry of support policies showed signs of stabilising the economy.