I would say, best to wait and see. Especially since many gamers now have both a non-portable console and a Nintendo Switch, which can scratch the itch for Japan-developer exclusives.
Microsoft has also gone on a game studio buying spree the last 2 years and now has 15 first-party studios developing exclusives for Xbox going forward. One of the most high profile is Obsidian Entertainment (Fallout, Starwars KOTOR, Neverwinter Nights, Pillars of Eternity, etc) - Outer Worlds will be it's last multiplatform game with future releases being Xbox exclusives. MS has also been on the lookout for potential Japan studio targets but hasn't acquired any yet.
Tech-wise, Xbox will always have the best version of games from third-party developers - not only Western games (Witcher 3, Assassin's Creed, Doom Eternal, Cyberpunk 2077, etc) but even best versions of those from Japan developers (Square Enix, Capcom, Sega, etc). Look at FFXV, Yakuza 0 and Kiwami, Kingdom Hearts III, Resident Evil remakes, etc) on Xbox. If you can be patient for FF7 remake, no doubt Xbox will also get the best version. This can range from higher resolution, better framerates, HDR support, spatial audio, etc.
In terms of next-gen tech, it's yet to be seen if PS5 will fully support HDR10, Dolby Vision, VRR (inc. freesync), auto low-latency, etc. Xbox currently already has most of these features and MS has confirmed all of them for the next-gen Xbox. The above are all important to have because these features are already present in TVs released in 2020 and will continue to be in the TV upgrade path for consumers.
One big feature PS5 will be missing is spatial audio (surround sound with height channels) support in gaming for formats such as Dolby Atmos (already on Xbox) and DTS:X (coming soon). Xbox also supports spatial audio upmixing for headphones, which makes a huge difference in terms of both enjoyability and also in competitive gaming (picking out footsteps).
PS5 will have it's own proprietary spatial audio format but, if you have a Dolby Atmos/DTS:X capable AV receiver or soundbar, it wouldn't be able to decipher PS5's proprietary format.
PS in Singapore is also lacking the "Netflix of games", which is PSNow - but Xbox already has Xbox game pass with many top-tier games for one flat monthly fee. Game pass already has many blockbuster games (Nier Automa, FFXV, Yakuza 0/Kiwami, Kingdom Hearts III, GTA V, MGS Phantom Pain, Metro Redux, Wolfenstein, Gears of War, Halo series, Forza + many others including indie games such as Bloodstained Ritual of the Night, Hollowknight, Ori and the Will of the Wisps, Streets of Rage 4, etc).
All Xbox exclusives upon release will also be immediately avaílable on game pass.
To summarise, the next big battleground for next-gen consoles would be -
1. Spatial audio (those who enjoy Dolby Atmos at home or have Dolby Access for headphones can tell u it makes a huge difference in terms of experience and immersion)
2. Dynamic metadata for HDR (HDR10, Dolby Vision, etc)
3. Latency and refresh rates (ALLM, VRR - freesync, etc)
4. Netflix style game libraries and availability of titles
5. Of course exclusives - Microsoft admits they've been sorely lacking here, hence went on a studio-acquisition spree from 2018-2019. Their senior staff have also been traveling to Japan a lot more, so won't be surprised if they start to have a few Japanese exclusives lined up like the last-gen Xbox (Blue Dragon, Lost Odyssey, etc)
If you already have a Nintendo Switch to quench the thirst for not only Jap-games (NiNoKuni, Dragonquest, Legend of Mana, Zelda, Xenoblade, etc) but also narrative-driven games (a PS strong point - but Switch also has quite a few), then you might want to consider the next-gen console that can give you the best big-screen experience.
You might probably have to upgrade your TV anyway to fully enjoy PS5 or Xbox Series X.