Here are five stories from this week from around Asia that you may have missed
On September 16, 2022, Tokyo, Japan, pedestrians pass by a Prada store. The country's trade gap persists as a weak yen squeezes purchasing power. /CFP
Japan's economy unexpectedly shrank for the first time in a year in the third quarter, stoking further uncertainty about the outlook as global recession risks, a weak yen and higher import costs took a toll on household consumption and businesses.
The world's third-biggest economy has struggled to carry on despite the recent lifting of COVID curbs and has faced intensifying pressure from high inflation, interest rate increases worldwide and the Ukraine conflict. The Japanese economy's real gross domestic product is expected to fall at an annualized rate of 1.2 percent in the July-September quarter of 2022.
A sign reading 'No Petrol' is seen at a closed Ceylon Petroleum Corporation fuel station in Colombo August 26, 2022. /CFP
Crisis-hit Sri Lanka has a new budget that was presented by the country's President and finance minister Ranil Wickremesinghe. The budget included measures aimed at reducing the government's deficit as Colombo seeks to secure an International Monetary Fund (IMF) bailout package to help the country recover from its worst financial crisis in decades. Reuters reported that: "The Sri Lankan economy can turn around by the end of 2023 if budget policies, which are not limited to the IMF's recommendations, are followed."
On October 15, 2022, in Karachi, Pakistan, Pakistani Foreign Minister Bilawal Bhutto walks to a press conference. /CFP
The United Kingdom has removed Pakistan from its 'high-risk third countries' list through a statutory instrument, effectively meaning the UK foreign office recognizes the progress Pakistan has made to be removed from the Financial Action Task Force (FATF)'s grey list. Foreign minister Bilawal Bhutto tweeted "Some good news. The United Kingdom has officially removed Pakistan from its list of 'High Risk Third Countries' following our early completion of FATF action plans."
China launched a commercially designed carrier rocket from the Jiuquan satellite launch center in northwest China on Wednesday, breaking the delivery record of its kind. The rocket, CERES-1 Y4 sent five small satellites into the sun-synchronous orbit (SSO). The satellites are part of the Jilin-1 Gaofen satellite series. Gaofen is an abbreviation for "high resolution" in Chinese. The series is expected to have 138 satellites by 2025 and become China's largest commercial observation constellation.
On November 17, 2022 local time, in Gyeonggi-do, South Korea, after the Korean college entrance examination, candidates from Yongbok Girls' High School in Bada District, Suwon City walked out of the examination room.
The Republic of Korea (ROK) closed its airspace to ensure silence and offered police escorts for exam takers on November 17 as more than half a million students took the important college entrance exams. Seoul's Education Ministry said 508,030 students were taking the annual nine-hour long exam this year, the results of which are crucial for securing spots at top universities. The Korean Herald newspaper said: "The annual exam, known as "Suneung" in Korean, is largely considered a life-altering event in the country as it determines not only which university they can go but also often their entire careers." The newspaper also reported: "Aircraft midair were told be on standby at altitudes of at least 3 kilometers above ground. These measures led to the adjustment of the schedules for 18 domestic and 59 international flights, according to transport ministry officials."
(Cover: People walk past a department store in Tokyo. Rising prices have led to lower consumption levels, and the Japanese economy's real gross domestic product will fall at an annualized rate of 1.2 percent in the July-September quarter of 2022.)