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Nikkei Asia
13 minutes ago
- Nikkei Asia
Can BRICS spearhead a new multipolar world order?
Leaders of the newly expanded BRICS group pose for a photo at the summit in Rio de Janeiro, Brazil, on July 7. © Reuters TORU TAKAHASHI TOKYO -- One of the most pressing strategic challenges facing Japan, and many other Asian countries, is how to navigate a world marked by growing uncertainty while safeguarding the principles of multilateralism. Unfortunately, this critical issue received little attention during Japan's recent upper house election. Yet the long-standing norm of multilateral cooperation -- a cornerstone of the existing international order -- is under strain. Two recent international summits underscored this "clear and present danger" and its far-reaching repercussions.

Nikkei Asia
a day ago
- Nikkei Asia
US tariff deadline, BOJ monetary policy, Nintendo earnings
Welcome to Your Week in Asia. With several countries in Asia having now secured tariff deals with the U.S. -- even as details remain scarce or disputed for many of them -- the pressure is on those that haven't, with U.S. President Donald Trump's latest deadline for negotiations now just days away. The trade dislocations unleashed by Trump will be among the factors weighing on central bankers from the U.S., Singapore and Japan this week as they decide how to act on interest rates. Get the best of our coverage of Asia and much more by following us on X, where our handle is @NikkeiAsia. We are also now on Bluesky, with the handle @ MONDAY Marcos national address Philippine President Ferdinand Marcos Jr. is set to deliver his fourth State of the Nation Address, an annual event typically used to underscore the government's accomplishments and outline policy. Last year, Marcos Jr. notably condemned China's maritime aggression and ordered a ban on offshore gambling. This year, his address takes place against a backdrop of heightened domestic political turbulence and pressing economic concerns. U.S.-China talks The U.S. and China begin their third round of talks in Stockholm amid a possible extension of their trade truce beyond the Aug.12 deadline. Washington plans to raise issues including China's industrial overcapacity, economic imbalances and continued oil purchases from Iran and Russia. China, on the other hand, says it will seek to "enhance consensus, reduce misunderstandings and strengthen cooperation" with the U.S. Earnings: Singapore Airlines TUESDAY IPO: Oxford Innotech Earnings: ANA WEDNESDAY Fed rate decision The U.S. Federal Reserve will conclude its two-day meeting and reach its latest monetary policy decision. Markets do not expect a rate cut in the meeting, but all eyes are on Chair Jerome Powell's news conference. Market watchers will be seeking clues on the next rate cut, as well as any response to Trump's strong criticisms of the Fed chair. Singapore monetary policy statement Singapore's central bank will announce its monetary policy statement, with some economists expecting further easing, given a forecast economic slowdown in the second half of the year driven by ongoing U.S. tariff uncertainties. The city-state predicts its economy will grow between zero and 2% this year. Nissan earnings Nissan Motor will release its April-to-June results. The company is expected to update investors about progress in its business restructuring and how much its bottom line has been affected by the 25% automotive tariffs set by the U.S. Earnings: JAL, Kansai Electric Data: Philippines trade, Sri Lanka inflation THURSDAY BOJ monetary policy The Bank of Japan wraps up its two-day policy meeting. While market participants expect the central bank to hold interest rates steady, the focus will be on what Gov. Kazuo Ueda says in the wake of the upper house election and the Japan-U.S. trade deal. The BOJ will also release its latest inflation and economic outlook. Earnings: Apple, Sumitomo, Grab, Keppel, Siam Cement, SK Innovation, JERA FRIDAY U.S. tariff deadline After a monthslong pause, Trump is set to impose varying tariff rates on dozens of countries, although some have made arrangements with Washington to lower the U.S. duty rate, although details have yet to be revealed. Governments that have not reached a deal with the U.S. will be slapped with a steep, country-specific tariff rate, which will likely increase costs for U.S. households. Nintendo earnings Nintendo releases its April-to-June earnings following the release of its Switch 2 game console in June. Investors are eager to hear an update on Switch 2 sales, as well as how it is contributing to the company's finances. Other earnings: Nippon Steel, Marubeni, Itochu, OCBC, Mitsui & Co, Tata Power


Yomiuri Shimbun
a day ago
- Yomiuri Shimbun
Hong Kong Issues Arrest Warrants for 19 Overseas Activists Accused of Subversion
HONG KONG, July 25 (Reuters) – Hong Kong's national security police announced arrest warrants for 19 activists based overseas, accusing them of subversion under a stringent national security law, marking the largest such tally yet. They are accused of organising or participating in the 'Hong Kong Parliament', a group that authorities in the Asian financial hub say aimed to subvert state power, under the law Beijing imposed in 2020 following months of pro-democracy protests in 2019. The activists are accused of having launched a referendum or run as candidates in the unofficial 'Hong Kong Parliament' group, which authorities say aims at achieving self-determination and drafting a 'Hong Kong constitution'. Police, who said the organisation sought to overthrow the governments of China and Hong Kong by unlawful means, said they are still investigating and further arrests may follow. Among those named are businessman Elmer Yuen, commentator Victor Ho, and activists Johnny Fok and Tony Choi. Four of them are subject to previous arrest warrants, each carrying a bounty of HK$1 million ($127,000). Among the remaining 15, for each of whom police are offering a bounty of HK$200,000 ($25,480), are those said to have organised or run in the election and sworn in as its councillors. None of the accused could be reached for comment. U.S. Secretary of State Marco Rubio on Saturday condemned the move, which he said targeted some U.S.-based individuals. 'We will not tolerate the Hong Kong government's attempts to apply its national security laws to silence or intimidate Americans or anyone on U.S. soil,' he wrote in a statement, calling it 'a form of transnational repression.' The UK's Foreign and Home Secretaries also condemned the move in a joint statement, calling the arrests 'another example of transnational repression' and saying it damages Hong Kong's international reputation. '(The UK) will not tolerate attempts by foreign governments to coerce, intimidate, harass or harm their critics overseas,' it said in a statement on Friday. In response, the Chinese embassy in the UK said the British government's remarks 'constitute a gross interference' in China's internal affairs and the rule of law in Hong Kong. 'China urges the UK to abandon its colonial mentality, stop interfering in Hong Kong affairs…stop shielding criminals,' it said. The former British colony returned to Chinese rule in 1997 with the guarantee of a high degree of autonomy, including freedom of speech, under a 'one country, two systems' formula. Critics of the national security law say authorities are using it to stifle dissent. Chinese and Hong Kong officials have repeatedly said the law was vital to restore stability after the city was rocked for months by sometimes violent anti-government and anti-China protests in 2019. Police reiterated that national security offenses were serious crimes with extraterritorial reach and urged the wanted individuals to return to Hong Kong and surrender. 'If offenders voluntarily give up continuing to violate the crime, turn themselves in, truthfully confess their crimes, or provide key information that helps solve other cases, they may be eligible for reduced punishment,' they said in a statement. Police also warned that aiding, abetting, or funding others to participate in the 'Hong Kong Parliament' could be a criminal offense. ($1=7.8488 Hong Kong dollars)