Having bucked a global dash to tighten monetary policy for a year, Asian central banks now find themselves scrambling to catch up in order to tackle rising inflation and defend weakening currencies.
Market analysts suspect Indonesia, the last remaining dove in emerging Asia, may be the next to move by pushing interest rates higher on Thursday, as policymakers rush to convince investors they are tackling rising prices.
Singapore and the Philippines surprised markets with unscheduled tightening announcements last week, underlining the growing urgency among policymakers to act.