Central banks across Asia have resumed hiking interest rates while consumers struggle in the face of persistently high inflation. Following monetary tightening in Indonesia and the Philippines, the region will see key policy meetings next week from Japan and Malaysia.

How are Asia’s policymakers handling the tough battle, and how are weak local currencies and rampant inflation affecting the region? Here is a selection of stories to bring you up to date on the latest developments.

With Japan’s interest rates still near zero, the yield on 10-year U.S. Treasurys rose to 4.95%, pressuring the yen. (Photo by Suzu Takahashi)

The Japanese yen hit a new low for the year, briefly falling past 150 against the dollar and reaching its lowest level since October 2022, when authorities had to step in to stem the slide. Read more.

Over the past few months, the Bank of Japan has been grappling with an increasingly impossible task: simultaneously fighting deflation and inflation. With the yen hovering at its weakest level in decades, pressure is mounting on the BOJ to do something. Read more.

Bank Indonesia explained that the rate hike was a precautionary measure to mitigate the impact of higher prices for imports.

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Indonesia’s central bank made a surprise move by raising its benchmark interest rate by 25 basis points to 6% after keeping it unchanged for eight consecutive meetings. The move highlights the tough task facing other Asian central banks to defend currencies and fight inflation. Read more.

Singapore will raise bus fares and fees for utilities in December. (Photo by Fumika Sato)

Singapore has started raising prices on utilities and transportation, straining household budgets even more amid stubbornly high inflation. “The cost of living in Singapore is getting too high,” an engineer in his 50s lamented. Read more.

Southeast Asian currencies are trading near their lows for the year against the surging dollar, with the Malaysian ringgit and Thai baht leading the decline. How does this impact the region, and what are governments and businesses doing to tackle the problem? Read more.