South Korea votes, Switch 2 launch, ispace's second moonshot
Welcome to Your Week in Asia.
After months of political upheaval, voters in South Korea will be looking ahead to a hopefully calmer era when they go to the polls in a presidential election on Tuesday, even as many issues and challenges remain.
Also this week, the stakes are high for video gaming giant Nintendo as it releases the long-awaited successor to its blockbuster Switch console.
Get the best of our coverage of Asia and much more by following us on X, @NikkeiAsia. We are also now on Bluesky. Our handle is @asia.nikkei.com.
SUNDAY
Thailand begins Pride month
Bangkok will host its first Pride parade since Thailand's same-sex marriage law took effect on Jan. 23. The subsequent month of festivities in the capital and beyond is expected to boost both tourism and retail.
TUESDAY
South Korea chooses next president
South Koreans will vote in a snap election, hoping to settle a chaotic six months sparked by now-impeached President Yoon Suk Yeol's declaration of martial law. Polls show left-leaning candidate Lee Jae-myung has a comfortable lead in the race to become president. Voters are seeking a leader who can inject life into the sluggish economy and restore order to the nation's politics.
BOJ governor speaks amid bond market jitters
Bank of Japan Gov. Kazuo Ueda will speak at a meeting held by research institute Naigai Josei Chosa Kai, while his deputy, Shinichi Uchida, is set to address the Japan Society of Monetary Economics on Saturday. Market participants will be watching closely amid turbulence in the bond market, dissecting the officials' speeches for any policy hints ahead of the BOJ's next meeting, when it will release an interim assessment of a planned reduction in government bond purchases.
WEDNESDAY
Tiananmen Square protests anniversary
Wednesday marks 36 years since the deadly crackdown on pro-democracy protesters in Beijing in 1989, with memorials expected in Taiwan and elsewhere. In Hong Kong, the candlelight vigil at the city's Victoria Park, which used to attract thousands of citizens before the imposition of a national security law in 2020, will not be held.
THURSDAY
Nintendo launches the Switch 2
Japan's Nintendo launches the eagerly anticipated successor to the smash-hit Switch console, which started selling in 2017. The Switch 2 has a larger screen, a new controller and added features such as a voice chat function. Nintendo expects to shift 15 million units in the financial year ending next March.
U.S. trade figures
The United States will publish its foreign trade data for April, when U.S. President Donald Trump unveiled sweeping tariffs on nearly all trading partners. Trade figures with Asian countries are expected to have slumped despite a 90-day pause on most tariff rates.
Data: Philippines inflation, Singapore retail sales index
FRIDAY
Japan's ispace makes second moon-landing attempt
Japanese startup ispace will make a second attempt at a soft landing on the moon, aiming to become the first Asian private company to achieve such a feat. Its first attempt, in April 2023, ended with the lander crashing into the lunar surface.
Reserve Bank of India meets
The Reserve Bank of India is expected to reduce interest rates for a third consecutive policy meeting, with inflation remaining below the central bank's target. Slowing economic growth is viewed as increasing the likelihood of a cut.
Data: Vietnam trade, foreign direct investment and inflation
SATURDAY
Prabowo heads to Russia
Indonesian President Prabowo Subianto is scheduled to visit Moscow for a meeting with his Russian counterpart, Vladimir Putin. He will also attend the St. Petersburg International Economic Forum as a keynote speaker. Prior to taking office in October 2024, Prabowo visited the Russian capital as Indonesia's minister of defense and president-elect.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Japan Times
an hour ago
- Japan Times
BOJ likely to stop cutting bond purchases in next fiscal year, ex-official says
The Bank of Japan will probably decide to stop reducing the amount of its government bond purchases in a plan for next fiscal year when authorities gather this month, as they eye a worrisome surge in JGB yields, according to a former BOJ board member. Since last summer, the bank has been reducing its buying of government bonds by ¥400 billion ($2.8 billion) every quarter, but that process will come to a halt, former board member Makoto Sakurai said in an interview Monday in Tokyo. "They are likely to make a stop,' Sakurai said. "They must be considering that yields will rise further if they go big on cutting bond purchases.' Sakurai was speaking two weeks before the BOJ extends its current bond purchase plan into the fiscal year from April. Traders have been looking for hints regarding the likely pace of pullback, with BOJ watchers holding mixed views on what the optimum rate should be. A recent surge in superlong bond yields reflects the challenges for authorities pursuing a quantitative tightening path. "It's probably the most reasonable solution to halt for now and then mull it over later,' Sakurai said. "It's a little risky to make a long-term commitment' when uncertainties are this high, he added. Owing largely to U.S. President Donald Trump's tariff measures, the murky economic landscape is likely to keep Gov. Kazuo Ueda's board on hold, with the policy rate at 0.5%, until toward the end of this year, Sakurai said. Prior to any move higher, the central bank would need to confirm the resilience in business investment as well as how much room companies have to raise wages next year. That data won't be available until autumn, he said. Sakurai's forecast is more or less in line with the market's. Traders see around a 70% chance of borrowing costs rising by the end of this year, according to overnight index swaps Monday. "October seems a bit too early, but I wouldn't rule it out,' Sakurai said. "It all depends on the data.' The BOJ's nine-member board next sets policy on June 17. A key focus will be on whether the central bank will continue to reduce the amount of government debt buying every three months from the second quarter of next year. At the current pace of cutbacks, monthly bond buying would slide to around ¥2.9 trillion by March. At the BOJ's hearings with bond market participants last month, there were diverse views on the right tempo to cut back debt buying in the future. One participant called for more aggressive cuts to purchases, while another urged that reductions be suspended temporarily, according to minutes of the gatherings released Monday. The nation's 30-year yield has come down to around 2.95% from the 3.185% touched late last month, its highest since the tenor's inception. Still, Japan's bond market faces more challenges with debt sales later Tuesday and Thursday that may ramp up pressure on the government to adjust its borrowing plans and calm investor nerves. Sakurai expects Japan's yields to stay elevated, causing concerns at the Finance Ministry over its implications for Japan's finances. The government's cost for debt servicing has risen to about a quarter of its budget for this fiscal year, thanks partly to higher interest rates. "They must be feeling that a higher yield could be problematic,' Sakurai said. "It's not easy to proceed with further cutbacks in bond purchases for the BOJ.' The BOJ remains the biggest holder of Japanese government debt, owning roughly half of the market after more than a decade of aggressive monetary easing. The bank began quantitative tightening last summer, five months after scrapping its negative interest rate and yield curve control program.
Yomiuri Shimbun
an hour ago
- Yomiuri Shimbun
South Koreans Vote for New President in Wake of Yoon's Ouster over Martial Law
The Associated Press South Korea's Democratic Party's presidential candidate Lee Jae-myung, arrives for a presidential election campaign in Seoul, South Korea, Monday, June 2, 2025. SEOUL, South Korea (AP) — Millions of South Koreans are voting Tuesday for a new president in a snap election triggered by the ouster of Yoon Suk Yeol, a conservative who now faces an explosive trial on rebellion charges over his short-lived imposition of martial law in December. Pre-election surveys suggested Yoon's liberal archrival, Lee Jae-myung, appeared headed for an easy win, riding on deep public frustration over the conservatives in the wake of Yoon's martial law debacle. The main conservative candidate, Kim Moon Soo, has struggled to win over moderate, swing voters as his People Power Party remains in a quagmire of internal feuding over how to view Yoon's actions. This election serves as another defining moment in the country's resilient democracy, but observers worry a domestic divide worsened after Yoon's martial law stunt is far from over and could pose a big political burden on the new president. The past six months saw large crowds of people rallying in the streets to either denounce or support Yoon, while a leadership vacuum caused by Yoon's impeachment and ensuing formal dismissal rattled the country's high-level diplomatic activities and financial markets. The winning candidate will immediately be sworn in as president Wednesday for a single, full term of five years without the typical two-month transition period. The new president will face major challenges including a slowing economy, President Donald Trump's America-first policies and North Korea's evolving nuclear threats. Voting began at 6 a.m. at 14,295 polling stations nationwide that will close at 8 p.m. Observers say the winner could emerge as early as midnight. South Korea has 44.4 million eligible voters. As of 10 a.m., about 6 million people had cast their ballots, while more than 15 million people had already voted during a two-day early voting period last week, according to the National Election Commission. Final pitches made by rival candidates In a Facebook posting on Tuesday, Lee, whose Democratic Party led the legislative effort to oust Yoon, called for voters to 'deliver a stern and resolute judgement' against the conservatives over martial law. In one of his final campaign speeches Monday, Lee argued that a win by Kim would mean the 'the return of the rebellion forces, the destruction of democracy and the deprival of people's human rights.' He also promised to revitalize the economy, reduce inequality and ease national divisions. He urged the people to vote for him, Kim, a former labor minister under Yoon, warned that a Lee win would allow him to wield excessive power, launch political retaliation against opponents and legislate laws to protect him from various legal troubles, as his party already controls parliament. Lee 'is now trying to seize all power in South Korea and establish a Hitler-like dictatorship,' Kim told a rally in the southeastern city of Busan. Lee's positions would impact nation's direction Lee, who served as governor of Gyeonggi province and mayor of Seongnam city, has been a highly divisive figure in South Korean politics for years. As a former child laborer known for his inspirational rags-to-riches story, Lee came to fame through biting criticism of the country's conservative establishment and calls to build a more assertive South Korea in foreign policy. That rhetoric has given him an image as someone who can institute sweeping reforms and fix the country's deep-seated economic inequality and corruption. His critics view him as a dangerous populist who relies on a political division and backpedals on promises too easily. On foreign policy, Lee has not made any contentious remarks recently and has steadfastly vowed to pursue pragmatic diplomacy. He has called South Korea's alliance with the U.S. the foundation of its foreign policy and promised to solidify a trilateral Seoul-Washington-Tokyo partnership, a stance that is not much different than the position held by South Korea's conservatives. Experts say there aren't many diplomatic options for South Korea as it tries to address Trump's tariff hikes and calls for South Korea to pay more for the cost of the U.S. military presence, as well as North Korea's headlong pursuit of nuclear weapons. Experts say that has made both Lee and Kim avoid unveiling ambitious foreign policy goals. Lee's government still could become engaged in 'a little bit of friction' with the Trump administration, while Kim's government, which prioritize relations with Washington, will likely offer more concessions to the U.S., said Chung Jin-young, a former dean of the Graduate School of Pan-Pacific International Studies at South Korea's Kyung Hee University. Chung predicted Lee won't be able to pursue overly drastic steps on foreign policy and security, given the country's foreign exchange and financial markets are very vulnerable to such changes. Lee has preached patience over Trump's tariff policy, arguing it would be a mistake to rush negotiations in pursuit of an early agreement with Washington. Kim has said he would meet Trump as soon as possible. On Monday, South Korean trade officials held an emergency meeting to discuss a response to Trump's announcement that the U.S. will raise tariffs on steel and aluminum products to 50% beginning June 4. South Korea's central bank last week sharply lowered its 2025 growth outlook to 0.8%, citing the potential impact of Trump's tariff hikes and weak domestic demand worsened by the political turmoil of past months. Prospects for improved North Korea relations are unclear Relations with North Korea remain badly strained since 2019, with the North focused on expanding its nuclear arsenal while refusing dialogues with South Korea and the U.S. Since his second term began in January, Trump has repeatedly expressed his intent to resume diplomacy with North Korean leader Kim Jong Un, but Kim has so far ignored the offer while making Russia his priority in foreign policy. Lee, who wants warmer ties with North Korea, recently acknowledged it would be 'very difficult' to realize a summit with Kim Jong Un anytime soon. Lee said he would support Trump's push to restart talks with Kim Jong Un, which he believed would eventually allow South Korea to be involved in some projects in North Korea. Foreign policy strategists for Lee understand there isn't much South Korea can do to bring about a denuclearization of North Korea, said Paik Wooyeal, a professor at Seoul's Yonsei University. He said Lee also doesn't share the Korean nationalistic zeal held by ex-liberal President Moon Jae-in, who met Kim Jong Un three times during his 2017-22 term.
Asahi Shimbun
an hour ago
- Asahi Shimbun
South Koreans vote for new president in wake of Yoon's ouster over martial law
A woman casts her vote for the presidential election at a polling station in Seoul, South Korea, June 3, 2025. (AP Photo) SEOUL--Millions of South Koreans are voting Tuesday for a new president in a snap election triggered by the ouster of Yoon Suk Yeol, a conservative who now faces an explosive trial on rebellion charges over his short-lived imposition of martial law in December. Pre-election surveys suggested Yoon's liberal archrival, Lee Jae-myung, appeared headed for an easy win, riding on deep public frustration over the conservatives in the wake of Yoon's martial law debacle. The main conservative candidate, Kim Moon Soo, has struggled to win over moderate, swing voters as his People Power Party remains in a quagmire of internal feuding over how to view Yoon's actions. This election serves as another defining moment in the country's resilient democracy, but observers worry a domestic divide worsened by Yoon is far from over and could pose a big political burden on the new president. The past six months saw large crowds of people rallying in the streets to either denounce or support Yoon, while a leadership vacuum caused by Yoon's impeachment and ensuing formal dismissal rattled the country's high-level diplomatic activities and financial markets. The winning candidate will immediately be sworn in as president Wednesday for a single, full term of five years without the typical two-month transition period. The new president will face major challenges including a slowing economy, President Donald Trump's America-first policies and North Korea's evolving nuclear threats. The election commission says voting began at 6 a.m. at 14,295 polling stations nationwide that will close at 8 p.m. Observers say the winner could emerge as early as midnight. Lee, whose Democratic Party led the legislative effort to oust Yoon, has emerged as the clear front-runner in opinion surveys released in recent weeks. In a Facebook posting on Tuesday, Lee called for voters to 'deliver a stern and resolute judgement' against the conservatives following the months of political turmoil. Around 2.5 million people had cast their ballots nationwide as of 8 a.m., the National Election Commission said. More than 15 million people had already voted during a two-day early voting period last week, accounting for nearly 35% of the country's 44.4 million eligible voters. In his final campaign speeches Monday, Lee promised to revitalize the economy, reduce inequality and ease national divisions. He urged the people to vote for him, arguing that a win by Kim would allow Yoon's 'rebellion forces' to return. 'If they somehow win, that would mean the return of the rebellion forces, the destruction of democracy, the deprival of people's human rights, the normalization of martial law and our country's downfall into a backward, third-world nation,' Lee told the crowd gathered at a Seoul park. Kim, a former labor minister under Yoon, warned that a Lee win would allow him to wield excessive power, launch political retaliation against opponents and legislate laws to protect him from various legal troubles, as his party already controls parliament. Lee 'is now trying to seize all power in South Korea and establish a Hitler-like dictatorship,' Kim told a rally in the southeastern city of Busan. Lee, who led the opposition-led campaign to oust Yoon, has been a highly divisive figure in South Korean politics for years. As a former child laborer known for his inspirational rags-to-riches story, Lee came to fame through biting criticism of the country's conservative establishment and calls to build a more assertive South Korea in foreign policy. That rhetoric has given him an image as someone who can institute sweeping reforms and fix the country's deep-seated economic inequality and corruption. His critics view him as a dangerous populist who relies on a political division and backpedals on promises too easily. On foreign policy, Lee has not made any contentious remarks recently and has steadfastly vowed to pursue pragmatic diplomacy. He has called South Korea's alliance with the U.S. the foundation of its foreign policy and promised to solidify a trilateral Seoul-Washington-Tokyo partnership, a stance that is not much different than the position held by South Korea's conservatives. Experts say there aren't many diplomatic options for South Korea as it tries to address Trump's tariff hikes and calls for South Korea to pay more for the cost of the U.S. military presence, as well as North Korea's headlong pursuit of nuclear weapons. Experts say that has made both Lee and Kim avoid unveiling ambitious foreign policy goals. Lee's government still could become engaged in 'a little bit of friction' with the Trump administration, while Kim's government, which prioritize relations with Washington, will likely offer more concessions to the U.S., said Chung Jin-young, a former dean of the Graduate School of Pan-Pacific International Studies at South Korea's Kyung Hee University. Chung predicted Lee won't be able to pursue overly drastic steps on foreign policy and security, given the country's foreign exchange and financial markets are very vulnerable to such changes. Lee has preached patience over Trump's tariff policy, arguing it would be a mistake to rush negotiations in pursuit of an early agreement with Washington. Kim has said he would meet Trump as soon as possible. On Monday, South Korean trade officials held an emergency meeting to discuss a response to Trump's announcement that the U.S. will raise tariffs on steel and aluminum products to 50% beginning June 4. South Korea's central bank last week sharply lowered its 2025 growth outlook to 0.8%, citing the potential impact of Trump's tariff hikes and weak domestic demand worsened by the political turmoil of past months. Relations with North Korea remain badly strained since 2019, with the North focused on expanding its nuclear arsenal while refusing dialogues with South Korea and the U.S. Since his second term began in January, Trump has repeatedly expressed his intent to resume diplomacy with North Korean leader Kim Jong Un, but Kim has so far ignored the offer while making Russia his priority in foreign policy. Lee, who wants warmer ties with North Korea, recently acknowledged it would be 'very difficult' to realize a summit with Kim Jong Un anytime soon. Lee said he would support Trump's push to restart talks with Kim Jong Un, which he believed would eventually allow South Korea to be involved in some projects in North Korea. Foreign policy strategists for Lee understand there isn't much South Korea can do to bring about a denuclearization of North Korea, said Paik Wooyeal, a professor at Seoul's Yonsei University. He said Lee also doesn't share the Korean nationalistic zeal held by ex-liberal President Moon Jae-in, who met Kim Jong Un three times during his 2017-22 term.
