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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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,