Takaichi policy speech, Malaysia budget, Pacific islands climate summit
Welcome to Your Week in Asia.
Japanese Prime Minister Sanae Takaichi will kick off the reopening of parliament having conducted her first cabinet reshuffle in mid-September. Takaichi, who continues to enjoy strong approval ratings, will be looking to address voter concerns over inflation, while likely having to also manage demands from junior coalition partner the Japan Innovation Party.
Malaysian Prime Minister Anwar Ibrahim will submit the government’s budget for next year as fuel subsidies narrow the scope for outlays in other areas. The spending plan could be his last before a general election, which must be called next year, as the current parliamentary term ends in December 2027.
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MONDAY
Takaichi policy speech
Takaichi will give a policy speech as the next parliamentary session opens. Her government plans to submit a slew of bills, including a contentious proposal to cut the consumption tax on food from 8% to 1% for two years. Takaichi is also expected to defend her spending plans and promise to respond flexibly to changes in the economy and financial markets.
Pacific islands host pre-COP summit
Fiji and Tuvalu will host a summit on global warming in partnership with Australia through Thursday ahead of the main COP31 U.N. climate change conference in Turkey in November. Invited global leaders will be able to see how climate impacts and solutions are playing out in the Pacific islands, which are threatened by rising temperatures that are expected to reach 1.8 C higher than preindustrial levels by the end of the century, even in the best-case scenario.
Nobel prize announcements begin
Nobel prize announcements will be made through Oct. 12, with the University of Tsukuba’s Masashi Yanagisawa. Kyushu University’s Chihaya Adachi and Tsinghua University’s Xue Qikun among those from Asia flagged as potential recipients.
Data: Thailand inflation
TUESDAY
OpenAI at Australian AI security committee
OpenAI Chief Strategy Officer Jason Kwon is set to appear in Sydney before the Joint Select Committee on Artificial Intelligence, which looks into the opportunities and risks presented by AI and the implications of emerging AI capability for Australia’s national security and strategic resilience. Kwon’s appearance comes after Prime Minister Anthony Albanese revealed that an OpenAI agent had gained unauthorized access to data through the public-facing Medicare Statistics Reporting Service portal. OpenAI has apologized for the incident, saying it was “working to do better in the future.”
Earnings: Top Glove
Data: Philippines inflation
WEDNESDAY
ASEAN energy ministers meeting
Southeast Asia’s energy ministers will gather in Manila to discuss strengthening energy cooperation and security, particularly as the region continues to grapple with the energy shock from the U.S. war with Iran.
South Korean space rocket launch
South Korea will carry out the fifth launch of its homegrown Nuri space rocket, its first since a successful operation late last year. The launch will gauge progress in the rocket’s ability to put satellites into orbit.
India monetary policy decision
The Reserve Bank of India is set to announce its key policy rate as fears of resurgent inflation continue to cast a shadow over the world’s most populous country. After a number of central banks across the world, including the U.S. Federal Reserve, increased interest rates to battle inflation, the RBI is widely expected to also follow suit and institute its first rate hike in over three years. Inflation came in at 4.82% in August, above the central bank’s target level of 4% but within its tolerance band of 2% to 6%.
Data: Taiwan inflation
THURSDAY
Data: Taiwan trade
FRIDAY
Malaysia 2027 budget
Anwar will table Budget 2027 in the Malaysian Parliament, balancing pressure for greater household aid and business support with efforts to rein in the fiscal deficit. Higher energy cost pressures due to the ongoing U.S. war with Iran has complicated the plan, despite robust economic growth.
Data: Bangladesh inflation
SATURDAY
Lai gives Taiwan national day speech
Taiwan marks its National Day, with President Lai Ching-te expected to deliver an address that will underscore his commitment to strengthening defenses for the island democracy, which is claimed by China. This year’s speech comes as Taipei faces growing pressure from Beijing’s maritime “law enforcement” operations in waters around Taiwan.