Welcome to Your Week in Asia.
French President Emmanuel Macron and European Commission President Ursula von der Leyen will visit China, starting Wednesday. They will try to engage Beijing in efforts to end the war in Ukraine when they meet with Chinese President Xi Jinping.
Taiwanese President Tsai Ing-wen continues her trip to Central America. It remains to be seen whether she will meet U.S. House Speaker Kevin McCarthy in Los Angeles on her way back.
Incoming Bank of Japan Gov. Kazuo Ueda officially takes the reins on Sunday. The central banks of Australia, New Zealand and India are set to give monetary policy updates this week.
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MONDAY
BOJ Tankan survey
The Bank of Japan's quarterly Tankan survey of business sentiment is expected to paint a mixed picture on the Japanese economy. The diffusion index for large manufacturers is expected to fall to plus 4 from plus 7, reflecting a global slump in smartphone and semiconductor demand, while the reading for large nonmanufacturers is forecast to inch higher, to plus 20 from plus 19, on the back of recovering tourism. With concerns growing about the global financial industry's health, the BOJ is expected to maintain an accommodative monetary policy stance.
TUESDAY
ADB economic outlook
The Asian Development Bank releases new economic and inflation forecasts for regional economies. The Asian Development Outlook, the multilateral lender's flagship economic publication, will also assess regional economies, amid global headwinds such as the ongoing Russian invasion of Ukraine and rising interest rates.
Monetary policy: Australia
WEDNESDAY
French President Emmanuel Macron visits China
French President Emmanuel Macron will travel to China to meet with his Chinese counterpart, Xi Jinping, amid increasing pressure on China from the U.S. to end its support for Russia in the war in Ukraine. Macron is expected to urge China to step up its efforts to persuade Russia to end the war quickly. European Commission President Ursula von der Leyen will accompany Macron on his visit.
McCarthy-Tsai meeting?
Taiwan's President Tsai Ing-wen has embarked on a major tour to the U.S. and Central America, with stopovers in New York and Los Angeles, as she checks in on diplomatic allies Guatemala and Belize. Tsai is expected to stop in Los Angeles on April 5, on her way home. A meeting with U.S. House Speaker Kevin McCarthy has reportedly been scheduled. Beijing has vowed to "resolutely fight back" if the meeting goes ahead.
Tsai's U.S. trip is not unprecedented; her predecessors have traveled there before, but growing Chinese pressure and military coercion aimed at Taiwan have led to worries about a potential military conflict in the Taiwan Strait. Beijing claims Taiwan -- a democracy of 24 million people that has never been controlled by Communist China -- as its territory. China's strongman president, Xi Jinping, last year vowed never to renounce the use of force to take control of the self-governing island.
Monetary policy: New Zealand
THURSDAY
Earnings: Seven & i Holdings
Monetary policy: India
WEEKEND
BOJ Gov. Kuroda's term ends
Bank of Japan Gov. Haruhiko Kuroda will end his second five-year term on April 8. He will be succeeded by Kazuo Ueda, an academic and former BOJ board member. Kuroda's final year has been marked by high inflation, financial sector turmoil and a global economic slowdown. The incoming governor will face the task of navigating these challenges while simultaneously adjusting Japan's ultra-easy monetary policy.
Japan local elections
Japan's local governments will hold elections on Sunday, with political parties competing over measures meant to tackle problems such as the rising cost of living. Sunday's nationwide vote includes gubernatorial elections in nine of the country's 47 prefectures, including Hokkaido and Osaka, and mayoral elections in several big cities. Voting for local assemblies in most prefectures and big cities will be held the same day.
The result is considered a litmus test for the ruling Liberal Democratic Party, headed by Prime Minister Fumio Kishida. If the LDP has a strong showing expectations within the ruling party may rise that Kishida will call for early parliamentary elections, as his approval ratings have risen following his surprise trip to Ukraine.
