Welcome to Your Week in Asia.
Members of the Association of Southeast Asian Nations are holding their first joint military exercises in the South China Sea this week amid growing concerns over Beijing's assertiveness in the area.
On the weekend, the Asian Games, postponed from 2022 due to COVID-19, are set to begin in the Chinese city of Hangzhou and run through Oct. 8.
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U.N. General Assembly begins in New York
The 78th U.N. General Assembly starts in New York with the theme of "rebuilding trust and reigniting global solidarity." The body will make the case for globalization with a focus on its sustainable development goals. As the war in Ukraine continues, Ukrainian President Volodymyr Zelenskyy is expected to attend to court world leaders.
ASEAN's first joint military drills start
Southeast Asian countries kick off the inaugural ASEAN Solidarity Exercise in Indonesia's Riau Islands province. The maritime drills will be held for five days on the islands of Batam and Natuna near the South China Sea. They will comprise noncombat activities including joint maritime patrol operations; search and rescue drills; and humanitarian and disaster relief.
Huawei Connect 2023
Huawei Technologies will host the annual Huawei Connect tech forum through Friday in Shanghai. The Chinese technology titan has been staging a comeback in the smartphone market by releasing two 5G-capable devices in the past few weeks.
ADB economic outlook
The Asian Development Bank releases new growth and inflation forecasts on economies across the region. Their flagship publication, the Asian Development Outlook, also examines how these economies will fare against headwinds such as China's slowdown, a weaker global economy and rising interest rates.
China announces loan prime rate
Tokyo Game Show 2023
A four-day gaming trade fair starts in Chiba, east of Tokyo. The hybrid show -- running both on site and online -- is expected to mobilize 200,000 people in total. Although no products are scheduled to be launched by industry giants Nintendo and Sony, the event is likely to see a significant increase in overseas visitors from countries such as China and the U.S. after Japan lifted its COVID-related tourism restrictions.
Monetary policy: Taiwan
GDP: New Zealand Q2
BOJ monetary policy
The Bank of Japan is due to announce its monetary policy decision after a two-day meeting that starts on Thursday. Having tweaked its policy in July by allowing 10-year Japanese government bond yields to rise up to 1%, the general view is that the central bank will maintain the status quo this time. However, market participants will be looking to see if there are hints of a near-future rate hike. An interview with Gov. Kazuo Ueda published last weekend sparked speculation of an early lifting of the bank's negative interest rate policy, pushing up JGB yields at a faster pace.
Japan August CPI
Asian Games start in Hangzhou, China
The 19th Asian Games open on Saturday in the eastern Chinese city of Hangzhou, after a year's delay due to the COVID pandemic. Over 12,500 athletes from 45 countries and regions will compete in 61 disciplines from 40 sports. Dota 2, Street Fighter 5 and other video games are among the lineup in the esports category, one of two new additions to the event. Among other highlights are expected to be cricket and chess, which are returning after missing out from previous contests in South Korea's Incheon and Jakarta. India expects to field over 600 competitors at the event, which lasts through Oct. 8.