U.S. delegation in Philippines, Japan wage talks, Foxconn earnings

Welcome to Your Week in Asia.

A U.S. delegation for the Presidential Trade and Investment Mission, led by Secretary of Commerce Gina Raimondo, will visit the Philippines on Monday and Tuesday.

Japanese companies' annual wage negotiations with unions are set to wrap up on Wednesday. Japan's largest labor confederation has said that wage rise demands by its member unions hit a 31-year-high , setting the stage for large pay increases that could prompt the central bank to start lifting interest rates.

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This is an adapted version of Nikkei Asia’s Your Week in Asia newsletter - a briefing of the most important business, economic and political events happening across Asia this week. Register to our full selection of newsletters.

MONDAY

China concludes National People's Congress

China's annual legislative season closes as delegates to the National People's Congress cast votes on several proposed government work plans, as well as the national budget for 2024. A revised bill on the Organic Law of the State Council is also expected to go through the NPC. The bill is aimed at strengthening the ruling Communist Party's leadership over the central government. A press conference -- usually scheduled after the NPC closes and delivered by the premier as head of the State Council -- will no longer take place from this year, breaking with decades of tradition.

GDP: Japan (revised)

TUESDAY

High-level U.S. trade delegation visits Philippines

The upcoming trade and investment mission to the Philippines highlights the focus of the administration of U.S. President Joe Biden on strengthening economic ties with a regional ally. The Philippine economy faces some headwinds as its relationship with China, a key trade partner, deteriorates over maritime disputes. The high-level delegation aims to spur U.S. investment in various sectors in the Philippines, such as energy, critical minerals and infrastructure, fostering mutually beneficial economic growth. The visit comes at a critical juncture as the Philippines seeks to solidify its position as a regional supply chain hub.

IAEA's Grossi visits Japan

The head of the International Atomic Energy Agency Rafael Grossi will visit Japan from Tuesday to Thursday. On his previous visit in July, he handed the Japanese government a report from the U.N. body that greenlit the release of treated water from the disaster-struck Fukushima Daiichi nuclear plant into the Pacific Ocean. Six months since the start of water release in August , the director general will inspect the situation at the plant and exchange opinions with local residents as well as government officials.

WEDNESDAY

Japanese companies conclude wage negotiations

Japan's major companies such as Toyota Motor and Panasonic are expected to set wages for the next fiscal year starting in April. Labor unions are demanding an average pay rise of 5.85%, the highest increase in 31 years. Large pay rises could prompt the central bank to start lifting interest rates.

Earnings: Cathay Pacific Airways

THURSDAY

Earnings: Foxconn

FRIDAY

China Consumer Rights Day

China is expected to mark World Consumer Rights Day with the "315 Gala," an annual live TV program by national broadcaster CCTV. It follows a regular format, with undercover reporters on hidden cameras investigating defective products and services based on complaints from consumers. In the past, foreign brands including Ford Motor and Muji were named and shamed, sending company executives scrambling into damage control mode.

Earnings: CATL

China data: Housing

RELATED ARTICLES

• Japan's unions demand biggest pay raises in 31 years
• China scraps Premier Li's NPC news conference, breaking tradition
• 3D visual explainer: How will Japan release its Fukushima wastewater?
• China says Philippine air patrol made 'trouble' in South China Sea
• Honda, Aeon agree to full wage hike demands in big labor wins
• Japan eyes M&A and wage incentives for midsize companies
• Foxconn to partner with India's HCL on chip testing plant

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