The Brief: Asia's economy, 22 October 2026

Economies

Japan PM Takaichi Rejects Blame for Weak Yen, High Rates: Prime Minister Sanae Takaichi has denied her administration's fiscal plans are causing market unease, as Bank of Japan Governor Kazuo Ueda warned of potential rises in long-term bond yields.

Kerala government lifts dearness allowance by 2%: The increase takes the allowance to 37% of basic pay for state employees and pensioners, effective 1 January 2026, with payments starting in November.

IIED: 2.24% of Nature Aid Mentions Indigenous Peoples: Research from the International Institute for Environment and Development shows only 2.24 per cent of nature-related aid descriptions mention Indigenous Peoples, raising concerns ahead of COP17 in Armenia.

South Korea, World Bank Launch AI Hub in Seoul for Digital Equity: Finance Minister Lee Hyoung-il announced the plan at the Global AI and Digital Summit in Seoul, stressing technology access for developing nations.

Markets

Mynt GCash IPO: Philippines' Largest Listing Raises $967mn: Mynt, operator of the GCash mobile wallet, completed the Philippines' largest-ever initial public offering, raising 60.9 billion pesos (US$966.99 million).

MSCI Downgrade Threat Sinks Indonesia Stocks to Six-Year Low: Jakarta's benchmark index fell over 5 per cent on Monday, following an 11.6 per cent drop on Friday, as MSCI considers reclassifying Indonesia to "standalone" status from "emerging markets" next year.

Banking & Fintech

India’s Private Banks Report Varied Q2 FY27 Earnings: HDFC Bank, ICICI Bank, and Axis Bank recorded significant profit growth for the quarter ending 30 September 2026, while Yes Bank's profit surged and IDBI Bank saw a decline.

Krungsri, JCB Launch Ultimate Card in Thailand for Japan-Focused Consumers: The new premium credit card, debuting 1 November, offers five times Krungsri Points on Japanese retail and dining, alongside JAL mileage conversion.

Hanwha Life expands youth financial literacy in Indonesia: South Korean insurer Hanwha Life launched a financial education programme in Bandung, Indonesia, with Save the Children, reaching 700 participants since its June start.

Industries

Keppel Reit Buys S$610.9 Million Stake in Singapore Office: Keppel Reit secured a 51 per cent interest in Keppel South Central from its sponsor, Keppel, on Tuesday, enhancing its presence in Singapore's prime office sector.

New World, China Merchants Eye 2028 Hong Kong Presales: The joint venture targets a market recovery for its Pak Shing Kok residential project, as New World Development issues US$189.3 million in new bonds.

LHN launches eldercare pilot with five Singapore units: Mainboard-listed LHN Group has introduced Jubiliv, a new eldercare offering under its facilities management division, starting with five units at 31 Boon Lay Drive.

Singapore Eases En Bloc Consent for Older Properties, Eyes ABSD Relief: Parliament approved lower consent thresholds for collective sales of developments aged 40 years and older, aiming to accelerate urban renewal. Owners may need Additional Buyer's Stamp Duty concessions for replacement homes.

NephroPlus Philippines Hits 50 Clinics, Aids Mangyan Community: The dialysis network partnered with Baco local government for a medical mission reaching 265 members of the Mangyan Indigenous Community in Oriental Mindoro.

Cube Asia: SE Asia E-commerce Shifts to Existing Shoppers, Credit: Cube Asia forecasts regional online spending on physical goods to hit US$400 billion by 2031, driven by faster delivery and easier financing.

JTI Philippines Appoints Alan Jackson to Lead Growth: JTI Philippines has named Alan Jackson as its new General Manager, tasking him with brand portfolio expansion and intensified efforts against illicit tobacco trade.