The two teams convene at the Sapporo Dome, with the North African side buoyed by an opening day draw with group favourites Spain.
As one of the nations fancied to fight it out for a place on the podium, Argentina's introduction to this much-delayed Olympic football tournament fell horribly flat on Thursday.
By the time defender Francisco Ortega lost his composure to pick up two yellow cards in as many minutes at the end of the first half, Graham Arnold's Australia side had already seized the initiative - earning an early lead through wide man Lachlan Wales.
Ortega's moments of madness were then exploited in the second half, as Aussie teenager Marco Tilio scored soon after coming off the bench to see the Olyroos rewarded for their impressively energetic approach. The ten-man Albiceleste were frustrated as they could find no way past the Australians' organised back four, so are now on the back foot coming into this weekend's game.
Sergio Batista's side previously emerged from the South American Under-23 Championships as runners-up, having sealed Olympic qualification and impressed with their enterprising play; also winning two pre-Games warm-ups versus Denmark and Saudi Arabia in Marbella.
However, they must quickly recover from the unfamiliar feeling of defeat if they are to replicate the golden feats of the 2004 and 2008 teams - when Carlos Tevez and Lionel Messi respectively led a proud football nation to the podium's top step.
Having battled for a hard-earned point against a strong Spain side in their opening match, Egypt can approach this weekend's encounter in the knowledge that all expectation rests on their South American counterparts' shoulders.
Resolutely fending off a team featuring several men who made it to the Euro 2020 semi-finals earlier this month, Egypt may have only had little over a third of possession - to be expected against any incarnation of La Roja - but should be encouraged by their opening night performance.
Though Dani Ceballos did manage to thump a first-half shot against the post, Luis de la Fuente's men were restricted to five attempts on target, and a similar display versus Argentina could once again bear fruit - with fellow outsiders Australia left to play in the final game.
The country that has qualified for the Games more than any other African nation (on 15 occasions), Egypt have never before made it past the quarter-finals. The Pharaohs did, though, win the African Under-23 Championships to make it this far, while also claiming the scalp of a strong Brazil Under-23s side last November.
Even if talisman Mohamed Salah has been unable to join the cause in Japan, after his club vetoed the fleet-footed forward's inclusion in the provisional squad - and both Mohamed Elneny and Galatasaray's Mostafa Mohamed were also omitted for the same reason - a largely home-based selection has certainly demonstrated unity and belief so far.
Head coach Shawky Gharieb has had to defend his players, though, after Spain's Oscar Mingueza found himself on the end of a heavy tackle which saw Ahmed Fotouh booked, and Dani Ceballos limped off shortly before half-time after a foul by Taher Mohamed, who appeared to stand on the former Arsenal midfielder's ankle.
Certainly, another rugged showing may be required on Sunday if his team are to overcome Argentina's similarly talented technicians.
Fernando Batista, who has worked in Argentina's youth set-up since 2018, has a settled squad - with most featuring at last year's CONMEBOL Under-23 Championships together - but may make changes in the aftermath of Thursday's defeat.
Left-back Franciso Ortega is one man who definitely misses out, as he must serve a suspension after his dismissal against Australia, so Marcelo Herrera could fill in, alongside captain Nehuen Perez - recently returned to Atletico Madrid from a loan spell at Granada.
While Argentina decided to name only one over-aged player in their squad, Egypt have exploited the experience of Al Ahly goalkeeper Mohamed El Shenawy, veteran defender Ahmed Hegazi and Zamalek's Mahmoud Hamdi, with all three playing their part in the rearguard action versus Spain.
The five-man defence selected by Shawky Gharieb for that game should be retained, in order to thwart their opponents' more creative talents.
Egypt Under-23s possible starting lineup:
El Shenawy; El Eraki, Hegazi, Ramadan, Hamdi, Fotouh; Tawfik, Ashour, Sobhi; Mohamed, Yasser
Argentina Under-23s possible starting lineup:
Ledesma; De La Fuente, Perez, Medina, Herrera; Barco, Vera, Belmonte, Valenzuela; Mac Allister, Gaich
We say: Egypt Under-23s 0-1 Argentina Under-23s
Requiring a rapid improvement if they are to continue their quest for a medal, Argentina must surely come out firing on Sunday, but are set to meet determinedly dogged opponents.
Egypt can keep the Albiceleste at bay for most of the match, but the South Americans will find a way through at some stage - either through the direct route of Adolfo Gaich, or the more refined approach of his forward line colleagues.
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