Global markets slumped at the start of the year on fears that a slowdown in China would spread to the rest of the world economy, while oil prices sank to 13-year lows.
Market turbulence sets the backdrop for a meeting of the U.S. Federal Reserve on Tuesday and Wednesday, while Bank of Japan policymakers gather on Jan. 28-29.
Last week, the European Central Bank signaled it could deliver further monetary stimulus, raising hopes that other central banks might take the same path.
The market rout meanwhile could throw the Fed off its course of gradual interest rate hikes.
"Attention will now turn to the U.S. Federal Reserve and the Bank of Japan's latest policy decisions later this week, with the main focus on the U.S. central bank in the wake of last month's historic decision to raise rates for the first time in nine years," said Michael Hewson, chief market analyst at CMC Markets.