Russia’s invasion of Ukraine and impending Federal Reserve rate hikes have given stock traders in Asia a lot to contend with already. Their next challenge is to navigate a spate of elections across the region.

Political incumbents are under pressure in countries reeling from surging inflation and commodity prices even as they struggle with the lingering economic and health costs of the pandemic.

South Koreans go to the ballot box on Wednesday to choose a new leader in the first presidential election in five years. The coming months will also see Philippine voters elect a successor to President Rodrigo Duterte, with the son of the country’s former dictator leading the polls.