Will 2017 be the year China's President Xi Jinping finally tolerates sub-6 percent growth? Few questions matter more to North Asia's year than machinations within the region's biggest — and most fragile — economy.

The B-word came up often in 2016, as U.S. President-elect Donald Trump set his sights on what his team views as predatory trade and finance policies. The F-word, though, will get far more scrutiny in 2017 as bond-market and credit dynamics flash warning signals at a moment of global economic weakness. Nothing dramatized China's fragilities more than a year-end surge in debt yields as the yuan's drop and hints of inflation spook investors.

Japan and South Korea also face thorny challenges in the next 12 months. Here's a look at what's ahead for the region.