Canada orders closure of TikTok's business in nation, app access to continue
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On November 7, 2024, Canada ordered the dissolution of TikTok's business operations, citing national security risks associated with ByteDance, the parent company. Despite this order, Canadians will still have access to the TikTok app and can create content. Innovation Minister Francois-Philippe Champagne stated that the government is addressing specific risks related to ByteDance's operations in Canada through the establishment of TikTok Technology Canada Inc. TikTok plans to challenge this order.

#Canada #Tiktok #Bytedance #NationalSecurity #FrancoisphilippeChampagne #SocialMedia #GovernmentPolicy #Privacy #Technology #Business

https://asia.nikkei.com/Business/China-tech/Canada-orders-closure-of-TikTok-s-business-in-nation-app-access-to-continue


Hong Kong opens doors wider to mainland Chinese as birth rate drops
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Hong Kong aims to admit over 1 million mainland Chinese by 2046; Chief Executive John Lee announced plans to attract high-caliber talent during a key policy address in October 2024; the initiative responds to a declining birth rate and talent exodus; easing entry restrictions for mainland university graduates is part of the strategy; Hong Kong's population is projected to increase as mainlanders move in.

#HongKong #Immigration #MainlandChina #BirthRate #Talent #JohnLee #Policy #Population #Demographics #2024

https://asia.nikkei.com/Politics/Hong-Kong-opens-doors-wider-to-mainland-Chinese-as-birth-rate-drops


Singapore's quiet rise in the global 'deep tech' race
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Singapore is emerging as a key player in the global 'deep tech' sector, focusing on advanced technologies such as semiconductors and robotics; The startup Moovita, a spinoff from A*STAR, launched China's first driverless public bus service on October 1, 2024; Singapore's digital strategy aims to address challenges like deep fakes and security threats; The U.S.-China rivalry is driving investment in Asia's startup ecosystem.

#DeepTech #Singapore #Startups #Moovita #A*star #Robotics #Semiconductors #UschinaRivalry #Investment #Technology

https://asia.nikkei.com/Spotlight/ASEAN-Money/Singapore-s-quiet-rise-in-the-global-deep-tech-race


IMF sees global inflation declining, downgrades China growth to 4.8%
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The IMF projects global inflation to decline to 3.5% by the end of 2025; global growth is expected to remain steady at 3.2% in 2024; China's growth forecast downgraded to 4.8%; U.S. economy projected to expand by 2.8% due to wage hikes; China's GDP growth for Q3 recorded at 4.6%, the slowest in over a year; IMF attributes global inflation decline to stronger-than-expected U.S. performance despite slowdowns in China and Japan.

#Imf #GlobalInflation #ChinaGrowth #EconomicOutlook #UsEconomy #Gdp #2024Forecast #Japan #PropertyDownturn #MonetaryPolicy

https://asia.nikkei.com/Economy/IMF-sees-global-inflation-declining-downgrades-China-growth-to-4.8


China and North Korea boost Russian military ties to uncharted levels
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China and North Korea are deepening military cooperation with Russia; Moscow is providing military support in exchange for assistance in the Ukraine war; North Korea reportedly supplied Russia with 2.8 million artillery shells and up to 60 ballistic missiles; the partnership poses a significant threat to global peace; joint military exercises are planned between China and Russia in the North Pacific and Sea of Japan; the article highlights concerns over the implications of this alliance for international stability.

#China #NorthKorea #Russia #MilitaryCooperation #Ukraine #GlobalPeace #Artillery #BallisticMissiles #JointExercises #InternationalRelations

https://asia.nikkei.com/Spotlight/Comment/China-and-North-Korea-boost-Russian-military-ties-to-uncharted-levels


Global investors go 'risk-on' with Asian bonds after U.S. rate cut
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Global investors are increasingly investing in Asian bonds following the U.S. Federal Reserve's first interest rate cut in four years on September 19, 2024; inflows into Asian bond markets excluding China surged to $12.82 billion in August 2024; 16 issuers accessed the Asia U.S. dollar international primary bond market in the first week of September, raising over $15 billion; Indonesia's central bank cut rates by 25 basis points to 6% just before the Fed's cut; concerns exist regarding U.S. political impacts on Asia's dollar bond market; foreign investors face a 20% withholding tax on Indonesian and Indian bonds; investors are divided on China's bond market, with some seeing opportunities while others remain cautious; Fidelity International's Lei Zhu and Nomura analysts provided insights on market trends.

#AsianBonds #UsFederalReserve #InterestRates #Investment #Currency #Inflation #EmergingMarkets #CorporateBonds #Indonesia #China

https://asia.nikkei.com/Business/Markets/Trading-Asia/Global-investors-go-risk-on-with-Asian-bonds-after-U.S.-rate-cut


Fleeing Xi's 'China Dream': The great exodus of people and capital
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Xi Jinping introduced the 'China Dream' 11 years ago; since late 2022, the number of Chinese emigrating has increased significantly; private capital is also leaving China through various means; the trend reflects disillusionment with Xi's vision due to economic decline and political repression; the term '跑路' (to run away) has gained popularity; the COVID pandemic and U.S. tensions have exacerbated the situation; Lynette Ong, a professor at the University of Toronto, highlights these issues.

#China #XiJinping #Migration #CapitalFlight #Covid19 #Politics #Economy #Disillusionment #Emigration #SocialDiscourse

https://asia.nikkei.com/Opinion/Fleeing-Xi-s-China-Dream-The-great-exodus-of-people-and-capital


'We are Chinese': KMT lawmaker challenges president on Taiwan's nature
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Weng Hsiao-ling, a Kuomintang (KMT) lawmaker, asserts Taiwan belongs to a Chinese nation and advocates for peaceful political union with mainland China; she emphasizes that the Republic of China predates the People's Republic of China, claiming, 'We are Chinese'; Weng, known as 'Goddess of War', made these statements during an interview with Nikkei Asia on October 1, 2024.

#Taiwan #China #Kmt #WengHsiaoling #Politics #Unification #RepublicOfChina #People'sRepublicOfChina #Interview #NikkeiAsia

https://asia.nikkei.com/Editor-s-Picks/Interview/We-are-Chinese-KMT-lawmaker-challenges-president-on-Taiwan-s-nature


To Lam's U.S. trip shows the status quo in Vietnam is still working
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To Lam, president of Vietnam and general secretary of the VCP, completed an official visit to the U.S. on Sept. 25, 2024, becoming the first party chief to address the UN; he met with U.S. President Joe Biden to discuss the comprehensive strategic partnership; Vietnam's bilateral trade with the U.S. grew from $2.9 billion in 2002 to $128.7 billion in 2023; Vietnam is the sixth-largest source of U.S. imports; the National Assembly is expected to nominate a new president in October; the article argues that Vietnam's growth through export manufacturing and free trade will continue due to cultural traits, policy, and action; the author predicts Vietnam could escape the middle-income trap by 2045.

#Vietnam #ToLam #Biden #Trade #Economy #Diplomacy #Un #Leadership #ForeignInvestment #Manufacturing

https://asia.nikkei.com/Opinion/To-Lam-s-U.S.-trip-shows-the-status-quo-in-Vietnam-is-still-working


China moves to play 'Okinawa card' over Japan's Taiwan stance
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Xi Jinping's presidency marked a shift in China's stance on Okinawa, with the People's Daily declaring its status as 'unresolved' for the first time; this follows a recent incident where a Chinese military Y-9 plane violated Japanese airspace near Nagasaki in late August 2024; concerns arise over potential changes in China's strategy towards Japan; Katsuji Nakazawa, a senior staff writer at Nikkei, highlights the implications of these developments.

#China #Japan #Taiwan #Okinawa #XiJinping #Nagasaki #Military #Geopolitics #Airspace #Analysis

https://asia.nikkei.com/Editor-s-Picks/China-up-close/Analysis-China-moves-to-play-Okinawa-card-over-Japan-s-Taiwan-stance


Tough-on-China bills set for approval by U.S. House this week
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The U.S. House of Representatives, led by Speaker Mike Johnson, is set to vote on a series of bills targeting China, including legislation to prevent federal contractors from working with Chinese biotechnology firms. This initiative is part of 'China Week' as Congress reconvenes after summer recess. The vote is scheduled for September 9, 2024, as lawmakers intensify efforts to counter China amid rising tensions and upcoming elections.

#China #UsHouse #Legislation #Biotechnology #MikeJohnson #Congress #ChinaWeek #Tensions #2024Elections

https://asia.nikkei.com/Politics/International-relations/US-China-tensions/Tough-on-China-bills-set-for-approval-by-U.S.-House-this-week


BOJ still on hawkish track despite dovish bid to cool market turmoil
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The market turmoil following the Bank of Japan's unexpected rate hike on July 31 left many observers wondering whether the central bank made a blunder like it did in 2000 and 2006-2007; BOJ Gov. Kazuo Ueda's deputy, Shinichi Uchida, gave a speech on Wednesday to calm markets by sending a dovish message that the BOJ is not in a rush to raise rates further; The BOJ needs to make adjustments on three issues in order to continue its smooth policy normalization: its judgement of the economy, its risk assessment of financial markets, and its communication; The BOJ's policy guidance appeared too dovish in its April outlook report, and this probably encouraged the yen sell-off; The BOJ is expected to raise its policy rate to 0.5% from 0.25% in October; The bank's move to hike rates may have been affected by criticism from political quarters and the public that the yen was too weak; Close to 70% of 2,000 small firms that belong to Chamber of Commerce and Industry said in a June survey that their desired exchange rate level was between 110 and 135 yen to the dollar.

#BankOfJapan #RateHike #MarketTurmoil #PolicyNormalization #Economy #Inflation #FinancialConditions #Yen #ExchangeRate

https://asia.nikkei.com/Opinion/BOJ-still-on-hawkish-track-despite-dovish-bid-to-cool-market-turmoil


U.S. sends another carrier from Asia to Middle East, widening Pacific gap
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The U.S. has redirected the USS Abraham Lincoln Carrier Strike Group from Asia to the Middle East, leaving the West Pacific vulnerable until a refurbished aircraft carrier arrives in Japan later this year. Defense Secretary Lloyd Austin made the decision to replace the USS Theodore Roosevelt with the USS Abraham Lincoln. The move has raised concerns among defense analysts about the widening gap in the Pacific region. The article also mentions China's development of new stealth aircraft likely to be deployed on carriers and the U.S. facing an aircraft carrier shortage as tensions rise globally.

#UsMilitary #Asia #MiddleEast #PacificOcean #Defense #AircraftCarrier

https://asia.nikkei.com/Politics/International-relations/Indo-Pacific/U.S.-sends-another-carrier-from-Asia-to-Middle-East-widening-Pacific-gap


Movie animates Murakami's portraits of empty lives
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American writer Nathaniel Rich claims that Haruki Murakami writes 'genre fiction'; Murakami created his own genre by blending literary conceits with other storytelling tropes from noir, fantasy, horror, and sci-fi; In the movie 'Blind Willow, Sleeping Woman,' director Pierre Foldes uses animation to convey the surreal qualities of Murakami's fiction; The movie features a character known as Frog who can flatten his body and slide through a train carriage window; The movie brings to life Murakami's portraits of empty lives; Murakami is internationally acclaimed and regularly short-listed for the Nobel Prize in literature

#HarukiMurakami #GenreFiction #Literature #BlindWillow,SleepingWoman #PierreFoldes #Animation #Surreal #Frog

https://asia.nikkei.com/Life-Arts/Arts/Movie-animates-Murakami-s-portraits-of-empty-lives


China misses plenum chance to steady economy before U.S. election
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China's economy has been successful in withstanding the double whammy of zero Covid and property market collapse. The plenum, a four-day leadership meeting chaired by President Xi Jinping, was the last big opportunity for authorities to put the economy on a firmer footing before the economic impact from November's U.S. election. The government released second quarter economic data on the day the plenum started, revealing the significant decline in the property market. Real estate has been the biggest driver of China's economic growth for many years. Consumer confidence has slumped due to the government's efforts to contain COVID, resulting in retail sales remaining below the pre-pandemic trend. Despite these challenges, the purchase managers' index figures have held up at around 50 and industrial production has been rising. Monetary policy, manufacturing success, and consumption recovery have been the foundations of China's muddle-through. The U.S. election is important as it may impact U.S.-China relations and currency pressures. The plenum was Beijing's last major opportunity to demonstrate that nominal growth won't continue to decline. The most attractive proposal suggested before the meeting was a package of reforms to allow the full urbanization of rural migrants. The plenum decision pledges action to ensure migrant workers "enjoy the same rights" as urban residents. Fiscal support from the central government is needed to back up the promise of equal rights for migrant workers. Such support would give the economy a reflationary push. External changes threaten to end the muddle-through of the last 18 months.

#China #Economy #UsElection #Plenum #PropertyMarket #ConsumerConfidence

https://asia.nikkei.com/Opinion/China-misses-plenum-chance-to-steady-economy-before-U.S.-election


Hong Kong plays leading role in sanctions evasion: report
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A new analysis by the Committee for Freedom in Hong Kong Foundation reveals that Hong Kong plays a significant role in helping U.S. adversaries evade international sanctions. The surge of Hong Kong shipments to Russia after Moscow's invasion of Ukraine in 2022 highlights the city's involvement in exporting goods that are under the U.S. and EU's list of items known as Common High Priority Items. The report, titled 'Beneath the Harbor: Hong Kong's Leading Role in Sanctions Evasion,' emphasizes how Hong Kong's regulatory environment makes it easy for foreign nationals to create shell companies to evade sanctions.

#HongKong #SanctionsEvasion #InternationalSanctions #Russia #Ukraine

https://asia.nikkei.com/Politics/International-relations/Hong-Kong-plays-leading-role-in-sanctions-evasion-report


Banks trim China's GDP forecasts as its leaders huddle at plenum
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Investment banks have downgraded their forecasts for China's economic growth this year after weak second quarter results. China's GDP growth in Q2 slowed to 4.7%, falling below the 5.3% increase in Q1 and a consensus forecast for 5.1% growth. The downgrade adds pressure on President Xi Jinping to offer more support at a key Communist Party meeting this week.

#China #Gdp #EconomicGrowth #Forecast #CommunistParty

https://asia.nikkei.com/Economy/Banks-trim-China-s-GDP-forecasts-as-its-leaders-huddle-at-plenum


China's third plenum kicks off: 5 things to know
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China's top Communist Party officials are gathering in Beijing for a meeting known as the third plenum, from Monday to Thursday. The event comes at a crucial moment for the Chinese economy, as policymakers grapple with a persistent property crisis, sluggish domestic demand, and rising exports. The third plenum is expected to address key economic issues and outline the Communist Party's plans to steer the economy through headwinds. Chinese President Xi Jinping will be in attendance at the meeting. The plenum will last from Monday to Thursday.

#China #CommunistParty #Economy #ThirdPlenum

https://asia.nikkei.com/Politics/China-s-third-plenum-kicks-off-5-things-to-know2


China 'third plenum' meeting, ADB economic outlook, Indonesia Auto Show
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China's key meeting known as the third plenum will address the country's property crisis, weak consumer demand, and fading growth prospects. China is scheduled to release its GDP growth rate for the second quarter and other data. The U.S. Republican Party opens its convention, where former President Donald Trump is set to be formally nominated. The Pacific Islands Leaders Meeting will discuss climate change and fisheries, as well as concerns about treated wastewater from Japan's Fukushima Daiichi nuclear plant. The G7 Trade ministers' meeting will focus on responding to tensions and frictions in global trade. The Asian Development Bank will release its latest economic assessment. The GAIKINDO Indonesia International Auto Show will feature more than 30 carmakers, with Japanese manufacturers dominating the market. Japan kicks off joint military drills with Germany, France, and Spain. TSMC will release its earnings. Japan's Air Self-Defense Force starts a joint military exercise with French, German, and Spanish air forces. Chinese EV leader BYD makes an aggressive push in ASEAN. China's leaders will choose an economic path at the third plenum. Australia unveils $75m in Tuvalu funding amid China's push in the region. G7 leaders set to highlight Chinese overproduction. TSMC explores a new chip packaging approach. Beijing auto show welcomes world as China's carmakers aim to conquer it. Vietnam auto sales slump as government weighs latest fee cut. Chinese EV leader BYD makes an aggressive push in ASEAN.

#China #ThirdPlenum #Gdp #RepublicanParty #PacificIslandsLeadersMeeting #G7 #AsianDevelopmentBank #IndonesiaAutoShow #Tsmc #JointMilitaryDrills #Byd #ElectricVehicles

https://asia.nikkei.com/Spotlight/Your-Week-in-Asia/China-third-plenum-meeting-ADB-economic-outlook-Indonesia-Auto-Show


Japan's Itochu to bring AI bus optimization to Taiwan smart city
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Japanese trading house Itochu is joining a smart city project in Tainan, Taiwan, to trial AI systems for transportation and energy data management. Itochu was the sole contract winner for the project, which is being developed by the Tainan government and others. The early-stage contract is worth 10.8 million New Taiwan dollars ($332,000). The project aims to optimize electric bus routes based on passenger reservation data. Itochu is angling for a larger share of government investment in the future.

#Japan #Itochu #SmartCity #Ai #Transportation #EnergyDataManagement #Tainan #ElectricBus #GovernmentInvestment

https://asia.nikkei.com/Business/Technology/Japan-s-Itochu-to-bring-AI-bus-optimization-to-Taiwan-smart-city


Yen's volatility sparks intervention suspicion after U.S. CPI data
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The yen surged against the dollar after the release of softer-than-expected U.S. inflation data, leading to speculation that the Japanese government and the Bank of Japan intervened to support the weak yen. The yen strengthened to 157.41 after the June U.S. consumer price index showed a 0.1% decline from the previous month, the first monthly drop since May 2020. The yen was trading around 159.30 at the time of writing. Japanese currency officials have not commented on whether they intervened. The Nikkei average fell over 1,000 points, partly due to the surge in the yen.

#Yen #Volatility #Intervention #UsCpiData #JapaneseGovernment #BankOfJapan #NikkeiAverage

https://asia.nikkei.com/Business/Markets/Currencies/Yen-s-volatility-sparks-intervention-suspicion-after-U.S.-CPI-data


Foreign investors in China seek new catalysts as stock rally fizzles
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Foreign investors in China have become net sellers of Chinese stocks in June due to fading enthusiasm over the government's rescue package for the struggling property sector. Some investors are still hopeful for a second rally, but this will depend on the effective execution of existing policies and signs of stronger support at the Communist Party's third plenum in July. The third plenum, scheduled for July 15-18, is a key session that has historically influenced China's economic course. The article mentions various developments in the Chinese stock market and the property sector, including the weak property rescue measures, the liquidation petition against Chinese developer Sino-Ocean, and the rally in China stocks. The weakening yuan and the challenging venture capital and IPO exit markets in China are also discussed. The article concludes by mentioning that foreign investors are seeking new catalysts to drive the Chinese stock market.

#China #ForeignInvestors #StockMarket #PropertySector #CommunistParty #ThirdPlenum

https://asia.nikkei.com/Business/Markets/Foreign-investors-in-China-seek-new-catalysts-as-stock-rally-fizzles


China's undersea cable drive defies U.S. sanctions
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Chinese undersea cable maker Wuhan FiberHome International Technologies continues to thrive despite being blacklisted by the U.S. government in 2020; The U.S. trade 'entity list' ban prevents the company from purchasing U.S. technology; Wuhan FiberHome executive Wu states that the blacklisting has not affected their business; China is pursuing a self-sufficient global network through its undersea cable drive; The U.S. sanctions are part of a broader crackdown on China's tech sector; The article was published on June 26, 2024.

#China #UnderseaCable #UsSanctions #WuhanFiberhomeInternationalTechnologies #TechSector

https://asia.nikkei.com/Spotlight/The-Big-Story/China-s-undersea-cable-drive-defies-U.S.-sanctions


Biden-Trump debate: Where they stand on AI, TikTok and chips
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President Joe Biden and former President Donald Trump are preparing to debate on Thursday, as they run neck-and-neck in the U.S. presidential campaign ahead of the election in November. Both agree on the need to outcompete China in tech, but differ on means. Trump began the U.S. push to decouple from China, while Biden pursues a policy of 'derisking'. The election outcome will impact Asia, including America's role in the world, trade management, the U.S. economy, climate change policy, and technology development.

#Biden #Trump #Debate #Ai #Tiktok #Chips #China #Tech

https://asia.nikkei.com/Business/Technology/Biden-Trump-debate-Where-they-stand-on-AI-TikTok-and-chips


Philippines warns online casinos could be China-linked 'Trojan horses'
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Philippine authorities are concerned that online casinos operating in the country for Chinese gamblers could be a national security concern. Recent raids have uncovered potential links to China-related national security concerns. The industry, previously seen as an economic boon, could turn out to be a 'Trojan horse' with far-reaching consequences.

#Philippines #OnlineCasinos #China #NationalSecurity #Investigations #Raids

https://asia.nikkei.com/Politics/International-relations/Philippines-warns-online-casinos-could-be-China-linked-Trojan-horses


China to see biggest millionaire exodus in 2024 as many head to U.S.
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China saw the world's biggest outflow of high-net-worth individuals last year and is expected to see a record exodus of 15,200 in 2024, dealing a further blow to its economy. Uncertainty over China's economic trajectory and geopolitical tensions are top of mind for many Chinese millionaires, in dollar terms, who choose to leave their country. The U.S. stands out as the top destination for Chinese millionaires. China last year saw 13,800 high-net-worth individuals depart, mostly to the U.S., Canada, and Singapore. Rich Chinese paused their efforts to move themselves and their fortunes offshore during the COVID-19 pandemic but quickly resumed their emigration after draconian restrictions on travel were lifted. Singapore has traditionally attracted rich Chinese due to its proximity to China, cultural links, and use of Mandarin. The United Arab Emirates remains the most attractive destination for the world's rich with its zero income tax, luxury lifestyle, and 'golden visas' for investors. Hong Kong lost around 500 high-net-worth individuals last year, amid growing concerns over freedom as authorities crack down on dissent. The U.K. is expected to see the second-biggest net loss in 2024 after China this year, at 9,500. South Korea is projected to see a net outflow of 1,200, while Taiwan is forecast to lose 400. Dominic Volek, group head of private clients at Henley & Partners, said 128,000 millionaires are expected to relocate globally in 2024, a record for wealth migration.

#China #MillionaireExodus #Us #Economy #GeopoliticalTensions #HighnetworthIndividuals #Covid19Pandemic #Singapore #UnitedArabEmirates #HongKong #Uk #SouthKorea #Taiwan #WealthMigration

https://asia.nikkei.com/Business/Markets/Wealth-Management/China-to-see-biggest-millionaire-exodus-in-2024-as-many-head-to-U.S


Japan's Sakana AI by Google alums to become unicorn in under a year
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Sakana AI, a startup cofounded by former Google researchers, is planning a funding round this month to raise $125 million at a valuation of over $1.1 billion, achieving the fastest jump to unicorn status by a Japanese company. The company is in talks with U.S. venture capital firms New Enterprise Associates, Khosla Ventures, and Lux Capital. Sakana AI utilizes generative artificial intelligence and is part of the boom in AI development. The startup aims to generate AI models through an 'evolutionary' process. The funding round is set to make Sakana AI a unicorn in under a year.

#SakanaAi #Google #Startup #Unicorn #Funding #AiDevelopment

https://asia.nikkei.com/Business/Technology/Artificial-intelligence/Japan-s-Sakana-AI-by-Google-alums-to-become-unicorn-in-under-a-year


Calls for China regime change are 'reckless': Kurt Campbell
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U.S. Deputy Secretary of State Kurt Campbell stated that the U.S. needs to find a way to carefully coexist with China, rather than pursuing regime change in Beijing. Campbell made this statement in response to an article in Foreign Affairs that argued for winning, not managing, America's competition with China. The Biden administration's key official on the Indo-Pacific made these remarks at the Stimson Center in Washington.

https://asia.nikkei.com/Politics/International-relations/Indo-Pacific/Calls-for-China-regime-change-are-reckless-Kurt-Campbell


Evergrande EV unit's shares fall on order to repay over $260m in subsidies
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Chinese authorities have demanded that the electric vehicle unit of China Evergrande Group repay 1.9 billion yuan ($262 million) in subsidies. Some subsidiaries of the EV maker failed to meet their contractual obligations, including achieving a certain investment scale, planned production capacity, annual sales, and establishing a global headquarters within a set timeframe. The order has dealt a fresh blow to the stock of Evergrande's EV unit. The company's Tianjin factory has been told to suspend production and sales of new cars as pressure builds.

#ChinaEvergrandeGroup #ElectricVehicle #Subsidies #StockMarket

https://asia.nikkei.com/Business/Markets/China-debt-crunch/Evergrande-EV-unit-s-shares-fall-on-order-to-repay-over-260m-in-subsidies


U.S. cannot afford another 'lost decade' responding to China, authors say
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The failure of successive U.S. administrations to respond adequately to the stunning growth of Chinese power stands as one of the three biggest foreign policy blunders since World War II, alongside the 1965 escalation in Vietnam and the 2003 invasion of Iraq, authors of a much-talked-about new book told Nikkei Asia. In "Lost Decade: The U.S. Pivot to Asia and the Rise of Chinese Power," Robert Blackwill, a former ambassador to India, and Richard Fontaine, CEO of the Center for a New American Security, conclude that the "pivot to Asia" strategy has so far failed, distracted by conflicts in Europe and the Middle East.

#Us #China #ForeignPolicy #Asia #Book

https://asia.nikkei.com/Editor-s-Picks/Interview/U.S.-cannot-afford-another-lost-decade-responding-to-China-authors-say


India outpacing Asian rivals in data center capacity, report says
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India is outpacing Japan, Singapore, and Hong Kong in data center investment, driven by major funding commitments by Amazon and Reliance Industries. The boom in data centers in India is due to the increasing consumption of payments, e-commerce, and other digital services. Tech companies are also setting up offices in India, attracted by its large talent pool. The trend challenges clean power goals in Asia. Other companies like Oracle, Alibaba, NTT Data, and Microsoft have also made significant investments in data centers in Japan and Asia. Tokyo is challenging Beijing as Asia's data center hub.

#DataCenter #India #Investment #Amazon #RelianceIndustries #TechCompanies #CleanPower #Asia #Oracle #Alibaba #NttData #Microsoft #Japan #Tokyo #Beijing

https://asia.nikkei.com/Business/Technology/India-outpacing-Asian-rivals-in-data-center-capacity-report-says


Beijing asks Tencent to lower WeChat's mobile payment market share
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China's regulators have asked Tencent Holdings to lower the mobile payment market share of its WeChat app, specifically targeting in-person payments made by scanning QR codes. The directive is not focused on online shopping. This move is part of the government's efforts to address tech 'monopolies'.

#Tencent #Wechat #MobilePayment #MarketShare #Regulation #China

https://asia.nikkei.com/Business/Technology/Beijing-asks-Tencent-to-lower-WeChat-s-mobile-payment-market-share


What made Japan, China, South Korea hold a summit now?
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Japan, China, and South Korea will hold their first trilateral summit in Seoul on May 26-27; The last trilateral summit was held in December 2019 with different leaders; The international situation has changed drastically since the last summit; The leaders are expected to discuss issues promoting stability and prosperity in the region.

#Japan #China #SouthKorea #Summit #TrilateralSummit

https://asia.nikkei.com/Spotlight/Comment/What-made-Japan-China-South-Korea-hold-a-summit-now


With Iran port deal, India to expand Central Asia trade, counter China
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India has signed a 10-year contract to develop and operate the Iranian port of Chabahar, which could serve as a counter to a Chinese-controlled project in Pakistan. The deal, signed between India Ports Global Ltd. (IPGL) and the Ports and Maritime Organization of Iran, involves an investment of $120 million to equip the port and a credit window of $250 million to improve project-related infrastructure. The total contract value is $370 million. The deal replaces a 2016 pact that was being renewed annually. The move aims to expand India's trade with Central Asia and counter China's influence in the region. However, the success of the deal depends on whether the U.S. imposes sanctions on India for its engagement with Iran.

#India #Iran #ChabaharPort #CentralAsia #China #Trade #Sanctions

https://asia.nikkei.com/Politics/International-relations/With-Iran-port-deal-India-to-expand-Central-Asia-trade-counter-China


Transcript: Top Japan currency diplomat speaks with Nikkei
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Masato Kanda, Japan's vice finance minister for international affairs, expressed concern over economic fragmentation ahead of a meeting of senior Group of Seven finance officials this week. He also discussed economic reform in Japan, the weakening yen, and a proposal to use frozen Russian assets to support Ukraine. Kanda emphasized the need to rely on international law for such a move. The interview highlights the importance of free and rules-based trade.

#Japan #CurrencyDiplomat #EconomicFragmentation #G7 #EconomicReform #WeakeningYen #FrozenRussianAssets #Ukraine #InternationalLaw #FreeTrade #RulesbasedTrade

https://asia.nikkei.com/Editor-s-Picks/Interview/Transcript-Top-Japan-currency-diplomat-speaks-with-Nikkei2


Taiwan opposition poised to pass controversial bills as backlash grows
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Taiwan's parliamentary crisis escalates as opposition plans to pass controversial bills; Opposition lawmakers from the Kuomintang (KMT) and Taiwan People's Party (TPP) command a majority; Former U.S. officials and academics raise concerns over the move; Lawmakers prepare for physical confrontations; Protesters gather outside the Legislative Yuan in Taipei; Opposition lawmakers have commandeered the area around the speaker's chair to ensure proceedings move forward without interruption

#Taiwan #ParliamentaryCrisis #Opposition #ControversialBills #Protests

https://asia.nikkei.com/Politics/Taiwan-opposition-poised-to-pass-controversial-bills-as-backlash-grows


China plastics probe hits EU, U.S., Japan, Taiwan: 5 things to know
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China's Ministry of Commerce has initiated an anti-dumping investigation into a chemical product called polyformaldehyde (POM) copolymer, exported by companies in the European Union, the U.S., Japan, and Taiwan. The decision has left industry players puzzled as to why this particular material was being targeted among so many exports to China and why now. POM copolymer belongs to a group of durable and heat-resistant materials known as engineering plastics. Chinese President Xi Jinping's government is thought to be protecting domestic production for economic security.

#China #Eu #Us #Japan #Taiwan #AntidumpingInvestigation #Polyformaldehyde #PomCopolymer #EngineeringPlastics

https://asia.nikkei.com/Economy/Trade-war/China-plastics-probe-hits-EU-U.S.-Japan-Taiwan-5-things-to-know


Taiwan's Lai Ching-te, coal miner's son, sworn in as president
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Lai Ching-te, the son of a coal miner, has been sworn in as the president of Taiwan. Lai, a staunch defender of Taiwanese sovereignty, will face challenges from China and opposition forces at home. China is increasing pressure on Taiwan, and an opposition coalition is rushing through laws that top lawyers have warned against. Lai's inauguration comes after the historic presidency of Tsai Ing-wen. Taiwan is urged to prepare for war, and the US has reassured Taiwan of its support against China. China aims to invade Taiwan by 2027, according to a US admiral.

#Taiwan #LaiChingte #President #China #Sovereignty #Opposition #TsaiIngwen #Inauguration #Us #Support

https://asia.nikkei.com/Politics/Taiwan-s-Lai-Ching-te-coal-miner-s-son-sworn-in-as-president


Tsai Ing-wen, Taiwan's steely promoter, wraps up historic presidency
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During her eight years in power, Taiwan's President Tsai Ing-wen positioned the democracy as a bastion of liberty in a world facing authoritarian expansionism; Tsai Ing-wen transferred power to her vice president and successor, President-elect Lai Ching-te; Taiwan hosted a major international media awards ceremony for the first time, with Tsai Ing-wen declaring Taiwan's commitment to democracy, freedom, and human rights; China increased pressure on Taiwan ahead of Lai's inauguration; Tsai Ing-wen's presidency saw the legalization of same-sex marriage in Taiwan; Tsai Ing-wen praised Taiwan as a hub for press freedom; Tsai Ing-wen recognized transnational same-sex marriage and allowed same-sex couples to adopt children in Taiwan.

#TsaiIngwen #Taiwan #Presidency #Democracy #HumanRights #China #SamesexMarriage #PressFreedom

https://asia.nikkei.com/Politics/Tsai-Ing-wen-Taiwan-s-steely-promoter-wraps-up-historic-presidency2


Half of companies see China economy worsening this year: Japan chamber
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Half of Japanese companies operating in China predict the Chinese economy will worsen this year, according to the Japanese Chamber of Commerce and Industry. In a survey, 50% of member companies said they expect economic conditions to be worse or somewhat worse in 2024 compared to last year, up from 39% in January.

#ChinaEconomy #JapaneseCompanies #JapaneseChamberOfCommerceAndIndustry

https://asia.nikkei.com/Economy/Half-of-companies-see-China-economy-worsening-this-year-Japan-chamber


China blasts U.K. arrest of Hong Kong trade office manager in spy case
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China's representative in the United Kingdom criticizes the arrest of three individuals, including a staffer at the Hong Kong Economic and Trade Office, on allegations of spying for the Hong Kong intelligence service; The Chinese Embassy in the U.K. firmly rejects and strongly condemns the accusations against the Hong Kong government.

#China #Uk #HongKong #SpyCase #Arrest #IntelligenceService

https://asia.nikkei.com/Spotlight/Hong-Kong-security-law/China-blasts-U.K.-arrest-of-Hong-Kong-trade-office-manager-in-spy-case


Mighty dollar pushes Asian governments to boost currency protection
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Asian governments are taking action to stop the fall of their currencies due to the strong US dollar. The strength of the American economy and higher interest rates have led to weaker Asian currencies. Policymakers are responding in various ways, including issuing warnings, raising interest rates, and potentially intervening by buying their local currency. The situation has raised concerns about coordinated intervention and the credibility of central banks. The article highlights specific countries affected, such as China, Laos, Myanmar, and Japan. The focus is on buying time until the US economy slows down.

#CurrencyProtection #AsianGovernments #UsDollar #AsianCurrencies #InterestRates #CentralBanks #China #Laos #Myanmar #Japan

https://asia.nikkei.com/Spotlight/Market-Spotlight/Mighty-dollar-pushes-Asian-governments-to-boost-currency-protection


U.S. weighs sanctions on Chinese banks over Russia military support
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The U.S. is considering imposing sanctions on Chinese financial institutions believed to be helping Russia amid its invasion of Ukraine. The move is aimed at clamping down on what the U.S. sees as a lifeline for Russian military production. During a meeting with Chinese President Xi Jinping, U.S. Secretary of State Antony Blinken urged Beijing to end military support for Moscow. Russia has reportedly acquired sights for 3,000 tanks from China through Belarus since spring 2023, despite American and European sanctions.

#Us #China #Russia #Sanctions #Ukraine #MilitarySupport

https://asia.nikkei.com/Politics/Ukraine-war/U.S.-weighs-sanctions-on-Chinese-banks-over-Russia-military-support


Philippines wants Chinese diplomats expelled amid South China Sea row
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The Philippines' national security adviser is calling for the expulsion of Chinese diplomats over an alleged leak of a phone conversation with a Filipino military official. Tensions between the two countries have been escalating over territory in the South China Sea. China recently harassed and shot water cannons at a Filipino humanitarian mission headed to Scarborough Shoal. The Philippines plans to beef up its defenses against South China Sea threats. The article also mentions previous incidents such as China flexing its muscle at sea as a new aircraft carrier starts trials and the Philippines winning a breakthrough at a summit with Japan and the U.S. China claims to have a South China Sea deal with Philippines' Duterte. The Philippines wants to take action against China by expelling its diplomats.

#Philippines #China #Diplomats #SouthChinaSea #TerritorialTensions

https://asia.nikkei.com/Politics/International-relations/South-China-Sea/Philippines-wants-Chinese-diplomats-expelled-amid-South-China-Sea-row


China's territorial claims illegal, deceptive: U.S. Indo-Pacific chief
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Adm. Samuel Paparo, the new commander of the U.S. Indo-Pacific Command, stated that China's intrusive and expansionist claims in the Indo-Pacific are "illegal, coercive, aggressive and deceptive." He emphasized that China's actions go beyond the standard phrase of "gray zone." The statement was made at a change of command ceremony in Hawaii, where Adm. Paparo relieved Adm. John Aquilino.

#China #Indopacific #TerritorialClaims #AdmSamuelPaparo #UsIndopacificCommand

https://asia.nikkei.com/Politics/International-relations/Indo-Pacific/China-s-territorial-claims-illegal-deceptive-U.S.-Indo-Pacific-chief


China fires water cannons at Philippine ships in South China Sea
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Tensions flared in the South China Sea as Beijing disrupted a humanitarian mission by Manila. China Coast Guard vessels shot water cannons eight times at Philippine vessels during a morning standoff. The incident occurred amid joint drills between the Philippines and the U.S. in the South China Sea. The Philippine Bureau of Fisheries and Aquatic Resources (BFAR) confirmed the attack. The article provides links to related articles on the South China Sea dispute and the Philippines' relations with China, Japan, and the U.S.

#SouthChinaSea #China #Philippines #WaterCannons #MaritimeDispute

https://asia.nikkei.com/Politics/International-relations/South-China-Sea/China-fires-water-cannons-at-Philippine-ships-in-South-China-Sea


China wants ability to invade Taiwan by 2027, U.S. admiral says
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China aims to have the capability to invade Taiwan by 2027, according to Adm. John Aquilino, commander of the U.S. Indo-Pacific Command. Aquilino stated that Chinese President Xi Jinping has asked his military to be prepared for execution in 2027. This echoes previous warnings by senior American military officials. Despite economic challenges, China is building up its military. The U.S. admiral's comments highlight the growing tensions between China and Taiwan.

#China #Taiwan #Military #Invasion #Tensions

https://asia.nikkei.com/Editor-s-Picks/Interview/China-wants-ability-to-invade-Taiwan-by-2027-U.S.-admiral-says


China accelerates purge at state-owned companies to fight graft
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China has replaced more than three times as many top executives at state-owned companies so far this year as it did in the same period in 2023. The purge is a signal of a growing push to stamp out corruption at critical businesses. Chen Mingbo, the recently appointed chairman of China Aerospace Science and Technology Corp. (CASC), urged greater efforts to "become a space power and build a world-leading military."

#China #StateownedCompanies #Corruption #Graft

https://asia.nikkei.com/Business/Business-trends/China-accelerates-purge-at-state-owned-companies-to-fight-graft


Philippine-U.S. drills, South Korea GDP, Beijing revives auto show
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The Philippines and the U.S. commence the 39th iteration of their annual military exercises, with plans to simulate the sinking of an enemy warship and retaking territory from hostile forces. Indonesia's Constitutional Court will rule on Defense Minister Prabowo Subianto's victory in presidential elections. The Standing Committee of China's National People's Congress meets from April 23 to 26. U.S. Secretary of State Antony Blinken will visit China to meet senior officials in Shanghai and Beijing. China's capital opens the Beijing International Automotive Exhibition for the first time in four years. South Korea reports quarterly gross domestic product growth. The Bank of Japan is expected to keep its policy on hold after raising interest rates for the first time in 17 years in March.

#Philippines #Us #MilitaryExercises #Indonesia #PresidentialElections #China #NationalPeople'sCongress #AntonyBlinken #BeijingInternationalAutomotiveExhibition #SouthKorea #Gdp #BankOfJapan

https://asia.nikkei.com/Spotlight/Your-Week-in-Asia/Philippine-U.S.-drills-South-Korea-GDP-Beijing-revives-auto-show


NATO could be drawn into Taiwan conflict, affiliated report finds
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A report from the NATO Defense College suggests that NATO could become involved in a potential Taiwan conflict if fighting reaches U.S. territory in the Pacific. The report, titled 'NATO and a Taiwan contingency,' is an academic report and not the bloc's formal position. The analysis of Taiwan's situation in relation to NATO is rare and could serve as a reference in the alliance's strategic planning.

#Nato #Taiwan #Conflict #Report

https://asia.nikkei.com/Politics/International-relations/Taiwan-tensions/NATO-could-be-drawn-into-Taiwan-conflict-affiliated-report-finds


Asian currencies' plunge raises alertness over coordinated intervention
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Most Asian currencies have been hit this year by the strength of the dollar, prompting monetary officials to issue verbal warnings or even intervene. The finance chiefs of the U.S., Japan, and South Korea expressed concerns over the fall of the yen and the won. Some analysts view Washington's nod to concerns in Tokyo and Seoul over their plunging currencies as taking a step closer to market intervention.

#AsianCurrencies #Dollar #FinanceChiefs #Intervention

https://asia.nikkei.com/Business/Markets/Currencies/Asian-currencies-plunge-raises-alertness-over-coordinated-intervention


Chinese exodus leaves Cambodia boomtown with 500 'ghost buildings'
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An exodus of Chinese real estate companies has left Sihanoukville, Cambodia with 500 unfinished buildings. The seaside resort is now littered with half-finished projects due to a casino clampdown and the impact of COVID-19. The concrete skeleton of one of these buildings stands on a piece of land owned by Pan Sombo, a 51-year-old elementary school teacher. The exodus of Chinese companies has resulted in a significant number of 'ghost buildings' in Sihanoukville.

#Cambodia #Sihanoukville #ChineseRealEstateCompanies #GhostBuildings #CasinoClampdown #Covid19

https://asia.nikkei.com/Business/Markets/Property/Chinese-exodus-leaves-Cambodia-boomtown-with-500-ghost-buildings


U.S.-China fight over manufacturing subsidies just getting started
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U.S. Treasury Secretary Janet Yellen's trip to China did not achieve any significant breakthroughs on China's surplus industrial production. The visit highlighted the looming collision between the two governments over this issue. Yellen called on China to offer a level playing field for U.S. companies and to focus on bolstering domestic demand. The fight over manufacturing subsidies between the U.S. and China is just getting started.

#Uschina #ManufacturingSubsidies #JanetYellen #China'sSurplusIndustrialProduction

https://asia.nikkei.com/Opinion/U.S.-China-fight-over-manufacturing-subsidies-just-getting-started


Japan's economic house is now in much better order
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Japan's first interest-rate increase in 17 years marks the end of the world's longest zero interest-rate policy and validates a decade of structural change in the country's economy. Japan's recent GDP growth has been modest but not far below that of Australia or the U.S. Japan's nominal GDP has outgrown China's for the first time in 46 years. The Bank of Japan's next challenge will be to pull back from stocks and bonds. Japan's stock market rally can outlast negative interest rates. Japan's corporate bankruptcies have hit a 9-year high with the end of COVID lifelines. Japan's manufacturers' business mood has dropped for the first time in a year. Japan has avoided a recession as strong capital expenditure boosts Q4 GDP.

#Japan #Economy #InterestRates #Gdp #BankOfJapan #StockMarket #CorporateBankruptcies #Manufacturing #Recession

https://asia.nikkei.com/Opinion/Japan-s-economic-house-is-now-in-much-better-order


MLB Seoul Series shows promise of U.S.-Japan-South Korea cooperation
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The baseball games played in Seoul between the Los Angeles Dodgers and the San Diego Padres showcased the potential for deeper trilateral cooperation among the U.S., South Korea, and Japan. The games were used as a platform for public diplomacy. Sports diplomacy could be uniquely effective in bridging skeptical publics. Jinwan Park, a representative of South Korea, believes that the games demonstrated the promise of U.S.-Japan-South Korea cooperation. Park will be attending the U.S.-ROK-Japan Trilateral Global Leadership Youth Summit in July and is an incoming Schwarzman Scholar at Tsinghua University in Beijing.

#Baseball #Diplomacy #Us #Japan #SouthKorea

https://asia.nikkei.com/Opinion/MLB-Seoul-Series-shows-promise-of-U.S.-Japan-South-Korea-cooperation


Japan's Kishida says U.S. not alone in upholding world order
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Japanese Prime Minister Fumio Kishida addressed a joint meeting of the U.S. Congress and stated that the U.S. does not have to shoulder the responsibility of upholding the international order alone. He expressed Japan's readiness to be a "shipmate" in that endeavor. Kishida detected self-doubt among some Americans about their role in the world. The speech was delivered in English. The article also mentions Japan's National Security Council rewriting China strategy and the strengthening of bonds between Biden and Kishida to defend the global order.

#Japan #Us #FumioKishida #Congress #InternationalOrder

https://asia.nikkei.com/Politics/International-relations/Indo-Pacific/Japan-s-Kishida-says-U.S.-not-alone-in-upholding-world-order


Singapore Q1 GDP growth ticks up to 2.7% on 'strong' tourism recovery
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Singapore's economy grew 2.7% in Q1 2024, accelerating from 2.2% in the previous quarter. The growth is attributed to a 'strong' recovery in tourism. The official estimate falls short of the median forecast of 2.9% from economists polled by Reuters.

#Singapore #GdpGrowth #TourismRecovery

https://asia.nikkei.com/Economy/Singapore-Q1-GDP-growth-ticks-up-to-2.7-on-strong-tourism-recovery


Full text of Japanese Prime Minister Kishida's speech to U.S. Congress
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Japanese Prime Minister Fumio Kishida delivered a speech at the U.S. Congress, emphasizing Japan's role as a global partner. Kishida expressed gratitude for the warm welcome he received during his time in the United States and highlighted the strong bond between Japan and the U.S. He discussed the challenges facing the international order, including threats to freedom and democracy, climate change, and the COVID-19 pandemic. Kishida also addressed the strategic challenge posed by China and the importance of upholding a free and open international order. He emphasized the need for close coordination between Japan and the U.S. to ensure credible and resilient deterrence. Kishida mentioned the issue of nuclear weapons proliferation in East Asia, particularly North Korea's nuclear and missile program. He also expressed concern about Russia's aggression against Ukraine and the threat of nuclear weapons use. Kishida highlighted the growing cases of oppression through digital technologies and economic coercion. He called for the safeguarding of common values and emphasized Japan's commitment to freedom, democracy, and the rule of law. Kishida expressed Japan's support for the U.S. leadership and its belief in the U.S. economy. He discussed Japan's transformation as a global partner and its efforts to strengthen the bilateral alliance with the U.S. Kishida mentioned Japan's increased defense budget, counterstrike capabilities, and cybersecurity improvements. He also highlighted Japan's sanctions against Russia and its aid to Ukraine. Kishida emphasized the importance of multilateral cooperation, including trilateral and quadrilateral partnerships, to realize a Free and Open Indo-Pacific. He mentioned Japan's economic initiatives and its commitment to leading the world in emerging technologies. Kishida concluded by reaffirming Japan's role as the United States' closest ally and its commitment to peace, freedom, and prosperity.

#JapanesePrimeMinister #FumioKishida #UsCongress #GlobalPartner #InternationalOrder #China #NorthKorea #Russia #Freedom #Democracy #RuleOfLaw #BilateralAlliance #FreeAndOpenIndopacific

https://asia.nikkei.com/Politics/International-relations/Full-text-of-Japanese-Prime-Minister-Kishida-s-speech-to-U.S.-Congress


U.S.-Japan-Philippines summit to send 'crystal clear' signal to China
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The first-ever trilateral summit between the U.S., Japan, and the Philippines will be held on Thursday to address China's coercion in the South China Sea. The summit is intended to send a 'crystal clear' message of unity. U.S. President Joe Biden is hosting Japanese Prime Minister Fumio Kishida and Philippine President Ferdinand Marcos Jr. for a three-way meeting at the White House. Tensions have risen in the South China Sea, with China intensifying its actions to block Philippine supply ships. The summit aims to bolster economic ties and lock in relations with the Philippines.

#Us #Japan #Philippines #China #SouthChinaSea #Summit #Unity #JoeBiden #FumioKishida #FerdinandMarcosJr

https://asia.nikkei.com/Politics/International-relations/Indo-Pacific/U.S.-Japan-Philippines-summit-to-send-crystal-clear-signal-to-China


Yen tumbles to 153 against dollar on U.S. inflation, raising intervention risk
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The yen sold off against the dollar in New York trading Wednesday after the latest U.S. inflation data, weakening to more than 153 yen versus the dollar, a level not seen since 1990. Analysts say a dollar might soon cost 155 yen if the Japanese government does not intervene as it did in 2022 to halt the decline.

#Yen #Dollar #UsInflation #InterventionRisk

https://asia.nikkei.com/Business/Markets/Currencies/Yen-tumbles-to-153-against-dollar-on-U.S.-inflation-raising-intervention-risk


Analysis: Xi Jinping's latest purge hints property crisis has reached inner circle
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The recent "purge" of a former Chinese justice minister might offer a keyhole glimpse into the Xi Jinping regime regarding the country's deepening property crisis. It might even be a clue that the crisis is impacting Xi's powerful faction of political aides.

#XiJinping #PropertyCrisis #Purge #JusticeMinister #CorruptionInvestigation

https://asia.nikkei.com/Editor-s-Picks/China-up-close/Analysis-Xi-Jinping-s-latest-purge-hints-property-crisis-has-reached-inner-circle


Kishida: Japan ready to step up as U.S. 'global partner' ahead of Biden summit
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Japanese Prime Minister Fumio Kishida is scheduled to meet U.S. President Joe Biden at the White House on April 11. Kishida aims to become the eighth Japanese Prime Minister to serve for 1,000 days. He dismissed rumors of an early general election. The U.S. election season awaits him in Washington, with Biden and Donald Trump in a dead heat. Kishida plans to focus on deeper defense integration and economic ties with the U.S.

#Japan #UnitedStates #FumioKishida #JoeBiden #WhiteHouse #GeneralElection #DefenseIntegration #EconomicTies

https://asia.nikkei.com/Spotlight/The-Big-Story/Kishida-Japan-ready-to-step-up-as-U.S.-global-partner-ahead-of-Biden-summit


U.S. rate cut doubts are a headache for Asian central banks
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Asian central banks are concerned about the uncertainty surrounding U.S. rate cuts. Policymakers expected the U.S. Federal Reserve to cut its benchmark interest rate multiple times in 2024. However, some observers now believe that the Fed will keep rates unchanged this year. Asian central banks are worried that preempting the Fed's decision could lead to depreciation pressure and capital outflows. The weak yen has sparked speculation of further rate hikes, while the bond market remains calm. The Bank of Thailand has resisted calls for rate cuts, and Malaysia has maintained its key rate at 3.0% amid a falling ringgit. China has cut its 5-year mortgage rate by a record margin to support the property sector. However, China's deflation problem persists. Asian central banks are navigating these uncertainties and their potential impact on their respective economies.

#UsFederalReserve #AsianCentralBanks #InterestRates #YenDepreciation #CapitalOutflows #BankOfThailand #Malaysia #China #PropertySector #Deflation

https://asia.nikkei.com/Opinion/U.S.-rate-cut-doubts-are-a-headache-for-Asian-central-banks


Japan's GDP down annualized 0.8% in February: JCER
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The Japanese economy shrank for the second consecutive month in February, falling by an annualized 0.8% from the previous month, according to estimates by the Japan Center for Economic Research. Shipments of consumer goods, particularly durables, continued to decline, with new car sales volume falling 4.4% from the previous month.

#Japan #Gdp #Economy #February #Jcer

https://asia.nikkei.com/Economy/Japan-s-GDP-down-annualized-0.8-in-February-JCER


China central bank to set up $70 bln tech re-lending programme
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China's central bank will establish a 500 billion yuan ($70 billion) re-lending program to support the country's science and technology sectors. The program will offer loans through 21 banks to small and midsize technology companies at an interest rate of 1.75%. The one-year loans can be extended twice, for up to a year each time.

#ChinaCentralBank #TechRelendingProgram #Loans #TechnologyCompanies

https://asia.nikkei.com/Economy/China-central-bank-to-set-up-70-bln-tech-re-lending-programme


Japan's Kishida visits Washington, Uniqlo parent earnings, China data
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Japanese Prime Minister Fumio Kishida will visit Washington for talks with U.S. President Joe Biden and Philippine President Ferdinand Marcos Jr., their first trilateral meeting. Chinese President Xi Jinping is expected to meet with former Taiwanese President Ma Ying-jeou. U.S. Treasury Secretary Janet Yellen will brief reporters in Beijing. South Korea will hold legislative elections. Uniqlo parent Fast Retailing will report earnings. Japan, the Philippines, and the U.S. will hold trilateral talks in Washington. Kishida will speak to a joint session of the U.S. Congress. Chinese economic data, including the consumer price index, will be released. U.S. Steel will hold a stakeholders meeting over the planned takeover by Japan's Nippon Steel. China will hold its biggest consumer products fair in Hainan. Yellen calls on China to offer a level playing field for U.S. companies. The U.S.-Japan-Philippine summit will advance a shared Indo-Pacific vision. Japan, the U.S., and the Philippines will cooperate in clean energy and chips. South Korea's working class is unmoved by the election campaign. China economists flag a GDP slowdown despite Beijing's positive outlook.

#Japan #Us #Philippines #China #Taiwan #SouthKorea #Uniqlo #FastRetailing #EconomicData #TrilateralMeeting #Elections

https://asia.nikkei.com/Spotlight/Your-Week-in-Asia/Japan-s-Kishida-visits-Washington-Uniqlo-parent-earnings-China-data


U.S.-Japan-Philippine summit will advance shared Indo-Pacific vision
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The U.S.-Japan-Philippine summit, led by Japanese Prime Minister Fumio Kishida, aims to advance a shared vision for the Indo-Pacific region. The summit will address China's 'gray zone' tactics and focus on cooperation in clean energy and chips. The summit follows Japanese Prime Minister Shinzo Abe's historic address to the U.S. Congress nine years ago, emphasizing Japan's commitment to peace and freedom in the region. Ami Bera, a ranking Democratic Party member, highlights the importance of the summit in showcasing Tokyo's commitment to enhanced security. The summit is seen as an opportunity to strike a balance between the U.S. and China, but there are concerns about the sustainability of this balance. The article also mentions discussions between U.S. President Joe Biden and Chinese President Xi Jinping on topics such as TikTok and the South China Sea. The summit is part of efforts to strengthen cooperation and address challenges in the Indo-Pacific region.

#UsjapanphilippineSummit #Indopacific #FumioKishida #China #CleanEnergy #Chips #ShinzoAbe #JoeBiden #XiJinping

https://asia.nikkei.com/Opinion/U.S.-Japan-Philippine-summit-will-advance-shared-Indo-Pacific-vision


TSMC to partner with Kyushu University on chip personnel, research
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Taiwan Semiconductor Manufacturing Co. (TSMC) is expected to reach a preliminary agreement with Kyushu University for a partnership focused on semiconductors. TSMC will send staff as instructors to the university's Education Center for Semiconductors and Value Creation to address a talent shortage in the field. The partners will also consider joint research in the future.

#Tsmc #KyushuUniversity #Partnership #Semiconductors #TalentShortage #JointResearch

https://asia.nikkei.com/Business/Tech/Semiconductors/TSMC-to-partner-with-Kyushu-University-on-chip-personnel-research


First U.S.-Japan-Philippines trilateral to address China's 'gray zone' tactics
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U.S. President Joe Biden will host the first trilateral summit with Japanese Prime Minister Fumio Kishida and Philippine President Ferdinand Marcos Jr. on April 11. The trilateral aims to address China's 'gray zone' tactics in the South China Sea. Unlike the Quad and AUKUS groupings, the trilateral does not have an announced name or acronym. The summit seeks to deepen economic ties and discuss American treaty commitments in the face of Beijing's actions.

#Us #Japan #Philippines #China #SouthChinaSea #TrilateralSummit

https://asia.nikkei.com/Politics/International-relations/Indo-Pacific/First-U.S.-Japan-Philippines-trilateral-to-address-China-s-gray-zone-tactics


China's Indian land grab has become a strategic disaster
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The military standoff along the long Himalayan frontier between China and India may not be grabbing international headlines these days given the open warfare raging elsewhere in the world, but the threat of the confrontation returning to armed conflict cannot be discounted. China's Indian land grab has become a strategic disaster. Xi Jinping faces dilemma in resolving crisis without losing face.

#China #India #LandGrab #StrategicDisaster #HimalayanFrontier

https://asia.nikkei.com/Opinion/China-s-Indian-land-grab-has-become-a-strategic-disaster


'Trust deficit' between China and Myanmar's military, report says
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China has refused to provide significant diplomatic backing and full recognition of the Burmese generals, according to a report by the International Crisis Group. The report highlights China's displeasure with the Myanmar regime and its muted response to a major offensive by the Three Brotherhood Alliance in northern Shan state. Myanmar's military is losing grip near the Chinese border. The trust deficit between China and Myanmar's military has widened, leaving room for international consensus.

#China #Myanmar #Diplomacy #Military #InternationalCrisisGroup

https://asia.nikkei.com/Spotlight/Myanmar-Crisis/Trust-deficit-between-China-and-Myanmar-s-military-report-says


U.S. protectionism lurks behind yen's stubborn weakness
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The yen is experiencing a historic stretch of weakening against the dollar, driven by protectionist U.S. policies. This weakness persists even after the Bank of Japan's first interest rate hike in 17 years. The strong dollar is backed by U.S. protectionism, including the 'Buy American' push, which is attracting foreign money and bolstering the dollar. The yen's weakness is not reflecting its fundamentals, according to Japan's top currency diplomat. The yen is the worst-performing G10 currency for the third consecutive year. The article was published on March 27, 2024.

#Yen #Dollar #BankOfJapan #Protectionism #BuyAmerican

https://asia.nikkei.com/Business/Markets/Currencies/U.S.-protectionism-lurks-behind-yen-s-stubborn-weakness


Hong Kong activist Joey Siu describes 'transnational repression' by China
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Joey Siu, a prominent pro-democracy Hong Kong activist, continues to face "worsening harassment and also threats" from China even after moving to the U.S. Siu, who holds U.S. citizenship and was born in North Carolina in 1999, became a core figure in Hong Kong's pro-democracy movement as a student. She left Hong Kong in response to China's draconian security legislation in June 2020 and now continues her activism from Washington. Siu is among the five overseas activists for whom Hong Kong issued arrest warrants in December.

#JoeySiu #HongKong #China #Pro-democracyMovement #TransnationalRepression

https://asia.nikkei.com/Editor-s-Picks/Interview/Hong-Kong-activist-Joey-Siu-describes-transnational-repression-by-China


Russian performers find fans in China amid tensions with West
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Russian performing arts groups, including the chorus and orchestra of St. Petersburg's Mariinsky Theatre, have found eager audiences in China after being shut out of Western countries due to tensions over the invasion of Ukraine. The groups have been tapping into China's growing interest in the arts, with renowned conductor Valery Gergiev leading the Mariinsky Theatre's performances in Beijing. This shift towards China comes as economic growth in the country has fueled interest in cultural exchanges.

#Russia #China #PerformingArts #CulturalExchanges #MariinskyTheatre #ValeryGergiev

https://asia.nikkei.com/Life-Arts/Arts/Russian-performers-find-fans-in-China-amid-tensions-with-West


U.S. urges Japan and Netherlands to tighten China chip tech curbs
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The U.S. is pushing Japan and the Netherlands to expand their restrictions on semiconductor-related exports to China, seeking to cover equipment for older-generation chips as well as chipmaking chemicals. The U.S. imposed sweeping export curbs in October 2022 to limit China's access to semiconductors seen as key for technologies such as artificial intelligence and self-driving vehicles, as well as high-tech weapons.

#U.s. #Japan #Netherlands #China #Semiconductors #ChipTechCurbs

https://asia.nikkei.com/Business/Tech/Semiconductors/U.S.-urges-Japan-and-Netherlands-to-tighten-China-chip-tech-curbs


Biden unveils $7.3tn budget as campaign pitch for spending, tax goals
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U.S. President Joe Biden has unveiled a $7.3 trillion budget as part of his campaign pitch for spending and tax goals. The budget includes proposals for child care, housing, and law enforcement, which would be aided by tax hikes for the rich and businesses. Biden aims to cut the deficit and pay for new programs to assist those with high housing and child-care costs. However, Congress is unlikely to adopt the measures as proposed.

#JoeBiden #Budget #Campaign #Spending #TaxGoals

https://asia.nikkei.com/Politics/U.S.-elections-2024/Biden-unveils-7.3tn-budget-as-campaign-pitch-for-spending-tax-goals


China bottled water giant Nongfu Spring under fire from nationalists
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Nongfu Spring, a Hangzhou-based bottled water and soft drinks company founded by Zhong Shanshan, China's wealthiest person, is facing criticism from Chinese online nationalists. The company's Hong Kong shares have plunged for three consecutive days, resulting in a loss of around 30 billion yuan ($4 billion) in market cap. Internet users have accused the company of being 'pro-Japan.'

#China #NongfuSpring #Nationalists #BottledWater #SoftDrinks #ZhongShanshan

https://asia.nikkei.com/Business/Retail/China-bottled-water-giant-Nongfu-Spring-under-fire-from-nationalists


China rate cut shows lack of options for boosting economy
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China's move to slash borrowing rates for homebuyers underscores how authorities are trying to prop up a weak housing market with few tools at their disposal. The People's Bank of China lowered the five-year loan prime rate, a mortgage benchmark, by 25 basis points on Tuesday to 3.95% from 4.2%. Shanghai-listed stocks rose in response to the move.

#China #Economy #HousingMarket #InterestRates

https://asia.nikkei.com/Economy/China-rate-cut-shows-lack-of-options-for-boosting-economy


Singapore eyes corporate tax rise, AI investment in 2024 budget
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Singapore is set to raise corporate taxes on multinationals from the start of next year. Finance Minister Lawrence Wong announced the city-state's 2024 budget, stating that the government will boost spending over the next decade. The current financial year is expected to have a bill of SG$111.76 billion ($83 billion), about SG$5 billion more than in 2023. Singapore aims to become an artificial intelligence hub and will invest in AI initiatives. The budget also includes efforts to drive innovation through a carbon tax hike. The article was published on February 16, 2024.

#Singapore #CorporateTax #AiInvestment #Budget

https://asia.nikkei.com/Economy/Singapore-eyes-corporate-tax-rise-AI-investment-in-2024-budget


Harvard, Oxford graduates power Vietnam's tech startup scene
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Vietnam sends more students abroad than the next three ASEAN countries combined, nurturing scientists and engineers who return to run startups like gaming and messaging giant VNG. Tran Tuan Anh, an entrepreneur reshaping Vietnam's image, left the communist country to study at Oxford. Vietnam is offering chip incentives to draw foreign companies and is a top target for CHIPS Act aid funds from the US. Apple is moving key iPad engineering resources to Vietnam. Vietnam is also betting on new airports to boost tourism and supply chains. Samsung's smartphone slump is casting a shadow over Vietnam. Duolingo is tapping Blackpink and GPT in the Southeast Asian edtech battle.

#Vietnam #TechStartup #Harvard #Oxford #Vng #ChipIncentives #ChipsAct #Apple #Samsung #Duolingo

https://asia.nikkei.com/Business/Business-Spotlight/Harvard-Oxford-graduates-power-Vietnam-s-tech-startup-scene


Yen weakens past 150 against dollar on strong U.S. inflation
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The yen weakened past 150 to the dollar on Tuesday following higher-than-expected inflation data for the U.S. economy in January. The Japanese currency touched 150.55, hitting its weakest point against the dollar since it last broke the 150 threshold in November.

#Yen #Dollar #Inflation #U.s.Economy

https://asia.nikkei.com/Business/Markets/Currencies/Yen-weakens-past-150-against-dollar-on-strong-U.S.-inflation


Is China seeking a submarine presence in the Sea of Japan?
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China may be seeking a submarine presence in the Sea of Japan, which could serve as a hiding place for Chinese ballistic missile submarines. In December, two Chinese H-6 bombers entered the airspace above the Sea of Japan to rendezvous with Russian Tu-95 bombers. They were accompanied by fighter jets, patrol planes, and other aircraft from both countries, flying from the Sea of Japan to the East China Sea. This poses a security risk for Japan as it could be a launching point for nuclear weapons aimed at the U.S.

#China #SeaOfJapan #SubmarinePresence #SecurityRisk #NuclearWeapons

https://asia.nikkei.com/Spotlight/Comment/Is-China-seeking-a-submarine-presence-in-the-Sea-of-Japan


Toyota to invest in TSMC arm for 2nd Kumamoto chip plant in Japan
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Toyota Motor will invest in Taiwan Semiconductor Manufacturing Co.'s Japanese subsidiary, Japan Advanced Semiconductor Manufacturing, to fund the construction of a second chip plant in Japan's Kumamoto prefecture. Existing investors including Sony and Denso will also make additional investments into the unit. TSMC will retain an 86.5% stake in the subsidiary, while Sony, Denso, and Toyota will hold 6.0%, 5.5%, and 2.0% respectively.

#Toyota #Tsmc #Japan #Kumamoto #Semiconductors

https://asia.nikkei.com/Business/Business-deals/Toyota-to-invest-in-TSMC-arm-for-2nd-Kumamoto-chip-plant-in-Japan


China's favored state-owned companies squeeze private sector
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China's state-owned enterprises have put pressure on the country's private sector, with the combined market capitalization of big private companies falling by about 60% in the two and a half years to the end of 2023. Many attribute this slump to China's tightening controls, including the zero-COVID policy and the clampdown on the tech industry.

#China #State-ownedEnterprises #PrivateSector #MarketCapitalization #TighteningControls #Zero-covidPolicy #TechIndustry

https://asia.nikkei.com/Business/Markets/China-s-favored-state-owned-companies-squeeze-private-sector


U.S. politics turn against trade, leaving IPEF talks in limbo
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The trade section of the U.S.-led Indo-Pacific Economic Framework is facing challenges as American politicians cater to voters skeptical of free trade ahead of the presidential election. This poses a barrier to the U.S.-led effort to counter Chinese economic influence in the Indo-Pacific region.

#U.s.Politics #Trade #Indo-pacificEconomicFramework #China

https://asia.nikkei.com/Politics/International-relations/Indo-Pacific/U.S.-politics-turn-against-trade-leaving-IPEF-talks-in-limbo


Chinese companies close R&D spending gap with U.S., led by Huawei
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Chinese companies, led by Huawei Technologies, have closed the gap in research and development (R&D) spending with the U.S. According to a European Commission report, Chinese companies accounted for 17.8% of the total R&D spending by 2,500 leading companies worldwide in 2022, surpassing Europe's ratio of 17.5% and trailing only the U.S. at 42.1%. Huawei is allocating 10% to 20% of its sales to R&D despite U.S. sanctions.

#R&dSpending #ChineseCompanies #Huawei #U.s. #Europe

https://asia.nikkei.com/Business/Business-trends/Chinese-companies-close-R-D-spending-gap-with-U.S.-led-by-Huawei


Housing glut leaves China with excess homes for 150m people
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China is facing a housing glut with an equivalent of 50 million excess homes at the end of 2023. Weak sales and an inventory build-up in the sector are expected to take more than five years for the country to shed excess stock. China's housing demand is likely to fall further due to a shrinking population and rising living standards. The world is bracing for a surge in exports of cheap building materials from China as a result.

#China #HousingMarket #ExcessHomes #BuildingMaterials

https://asia.nikkei.com/Spotlight/Datawatch/Housing-glut-leaves-China-with-excess-homes-for-150m-people


Under China scrutiny Hong Kong media slips into self-censorship
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References to 'Hong Kong people' and other phrases indicating an identity distinct from mainland China are disappearing from Hong Kong's media. This is highlighted by an analysis of language used in editorial pieces published by major Hong Kong Chinese-language newspapers since 2014. The change in the media landscape is attributed to the introduction of a sweeping security law that has curtailed Hong Kong's autonomy. The founder of pro-democracy newspaper Apple Daily, Jimmy Lai, is currently standing trial in the city for alleged crimes under the national security law.

#HongKongSecurityLaw #MediaCensorship #HongKongAutonomy #JimmyLai

https://asia.nikkei.com/Spotlight/Hong-Kong-security-law/Under-China-scrutiny-Hong-Kong-media-slips-into-self-censorship2


Chinese EV leader BYD makes aggressive push in ASEAN
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Chinese electric vehicle (EV) maker BYD plans to double its sales outlets in Singapore and the Philippines this year. The company aims to open more than a dozen sales outlets for passenger cars in both countries. BYD recently launched in Indonesia and is aggressively expanding in the ASEAN region. BYD has become a top EV manufacturer, rivaling Tesla. The managing director for Singapore and the Philippines, James Ng, is leading the expansion efforts.

#Byd #ElectricVehicles #Singapore #Philippines #Asean #Expansion #Tesla

https://asia.nikkei.com/Spotlight/Electric-cars-in-China/Chinese-EV-leader-BYD-makes-aggressive-push-in-ASEAN


U.S. job growth surges in January, while wages climb 4.5%
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U.S. job growth accelerated in January, with nonfarm payrolls increasing by 353,000 jobs, higher than the forecasted 180,000. The data for December was revised higher to show 333,000 jobs added. Average hourly earnings increased by 0.6% in January, and wages increased by 4.5% in the 12 months through January. The unemployment rate in January was 3.7%. The strong job growth and wage increase support the view that the Federal Reserve is unlikely to cut rates in March.

#U.s.JobGrowth #Wages #Economy #FederalReserve

https://asia.nikkei.com/Economy/U.S.-job-growth-surges-in-January-while-wages-climb-4.5


Japan to introduce six-month residency visa for 'digital nomads'
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Japan will establish a new visa status that will make it easier for IT engineers and other workers for overseas companies to reside in the country. The planned status will allow highly skilled workers to work in Japan on a teleworking basis for up to six months while enjoying sightseeing trips. Japan hopes its new visa status will attract workers and owners of consulting companies abroad and YouTubers earning advertising fees from overseas companies.

#JapanImmigration #Visa #DigitalNomads #ItEngineers #Teleworking

https://asia.nikkei.com/Spotlight/Japan-immigration/Japan-to-introduce-six-month-residency-visa-for-digital-nomads


Bilateral tensions top woes of American businesses in China
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American businesses in China and Hong Kong continue to worry about strained diplomatic relations between the two countries, according to an annual survey by the American Chamber of Commerce in China. Despite the concerns, members of the commerce chamber are slightly more positive about the business climate over the next two years, expecting improvements in domestic market growth and economic recovery.

#AmericanBusinesses #China #HongKong #DiplomaticRelations #BusinessClimate #EconomicGrowth

https://asia.nikkei.com/Business/Business-trends/Bilateral-tensions-top-woes-of-American-businesses-in-China