Asia-Pacific markets are set to open higher ahead of Donald Trump's inauguration

Asia-Pacific markets were set to open higher Monday, ahead of Donald Trump's inauguration with investors awaiting greater clarity on the policies of the incoming U.S. administration.

Australia's S&P/ASX 200 rose 0.2% at the open.

Japan's Nikkei 225 futures pointed to a higher open for the market. The futures contract in Chicago is currently at 38,825 and its counterpart in Osaka stands at 38,830 compared to the previous close of 38,451.46.

Hong Kong's Hang Seng index futures were at 19,841, also higher than the HSI's last close of 19,584.06. 

Malaysia is slated to release its trade data for December, while Hong Kong is set to report its unemployment figures for the same month later in the day. Investors will be looking out for China's loan prime rate decision.

Other central banks in Asia will also be convening later this week. Malaysia's central bank is expected to keep its policy rate steady at 3% on Wednesday. The Bank of Japan is holding its next policy meeting from Jan. 23 to Jan 24 — BOJ Governor Kazuo Ueda has signaled intentions to hike rates.

On Friday in the U.S., the three major averages posted their first weekly gain of the new year.

The Dow Jones Industrial Average added 334.70 points, or 0.78%, to end at 43,487.83. The S&P 500 gained 1% to 5,996.66, and the Nasdaq Composite advanced 1.51% to 19,630.20.

President-elect Trump and Chinese President Xi Jinping spoke on the phone Friday about trade, Tiktok, fentanyl and more, talks which Trump described as "very good."

U.S. markets will be closed on Monday.

—CNBC's Hakyung Kim and Lisa Kailai Han contributed to this report.