Welcome to Your Week in Asia.
Indonesia holds its presidential election this week, as the nation decides on its leader for the next five years. A day later, Japan will release gross domestic product figures for the October-December period. Asia’s second-largest economy will, the same day, witness the launch of its H3 next-generation rocket into space.
Some financial markets are closed for the Lunar New Year holidays, but stock exchanges in Hong Kong and Taipei are set to reopen.
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WEDNESDAY
Indonesians vote in presidential election
Indonesians will elect the country’s next president on Wednesday, determining the direction of the world’s fourth-most-populous nation for the next five years. Three candidates — Defense Minister Prabowo Subianto, former Central Java Gov. Ganjar Pranowo and former Jakarta Gov. Anies Baswedan — are vying to replace two-term President Joko “Jokowi” Widodo. Wednesday’s vote is the fifth since the Southeast Asian country began democratic reforms in 1998.
Hong Kong Exchange reopens after Lunar New Year holiday
Earnings: Sony
THURSDAY
Indonesia hosts international motor show
More than 20 carmakers will take part in the Indonesia International Motor Show (IIMS). The event, which is being held in Jakarta, starts Thursday. Exhibitors from Japan include Toyota, Honda, Mitsubishi, Nissan and others. Japanese manufacturers hold a market share of around 80% in Southeast Asia but are struggling to stay in the race to offer electric vehicles. Their South Korean rival Hyundai, which already has an EV plant in Indonesia, as well as China’s BYD and Vietnam’s VinFast will also show off their cars at the show.
GDP: Japan
Japan’s gross domestic product growth in the October-December period is expected to rebound to an annualized 1.1%, according to a QUICK survey. This follows a revised annualized 2.9% contraction in the previous quarter, when Asia’s second-largest economy saw falling private spending amid continued inflation and sluggish corporate investment. The expected rebound may be modest, but would still bolster the argument for normalizing the Bank of Japan’s monetary policy.
GDP: Singapore (revised)
Japan launches H3 rocket
The Japan Aerospace Exploration Agency (JAXA) will launch its next-generation H3 rocket from the Tanegashima Space Center. The launch comes 11 months after the failure of the H3’s maiden flight in March and is an attempt by the Japanese space agency to redeem itself. Japan hopes a successful launch will clear the way for the H3 to start full-scale operations and accelerate the country’s space program.
Taipei stock exchange reopens after Lunar New Year holiday
Earnings: Kakao
Kakao announces its fourth-quarter earnings, as its new head works to reform the South Korean internet company. Analysts forecast that Kakao’s operating profit jumped about 40% in the October-December period from the previous year, thanks to higher sales of advertising and cost-cutting at noncore businesses.
FRIDAY
GDP: Malaysia
Singapore budget
Singapore’s Deputy Prime Minister and Finance Minister Lawrence Wong will present the government’s budget for 2024, with some observers expecting new policies aimed at helping people cope with inflation, which has risen sharply over the past year. This may also be the last time Wong presents the budget, as he is set to take over from current Prime Minister Lee Hsien Loong in leading the ruling People’s Action Party sometime this year.