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[Asian Currencies Flash Oil Shock Alarms, Importing Countries Forced to Raise Interest Rates to Stabilize Exchange Rates, Reserves Depleted at an Accelerated Pace] ⑴ Asia purchases approximately 80% of the oil transported through the Strait of Hormuz. The closure of this strait has triggered a global energy supply shock, prompting Asian policymakers to take increasingly urgent and unconventional measures to support their economies. Many currencies have fallen to record lows, and pressure has forced interest rates to rise. ⑵ India has urged its citizens to forgo overseas travel and gold purchases to protect the rupee. The prime minister has even reduced his own motorcade to save fuel. Meanwhile, some bankers believe the Reserve Bank of India is spending $1 billion daily to support the historically low rupee. ⑶ Indonesia unexpectedly raised interest rates by 50 basis points on Wednesday to support the historic low rupiah, while strengthening controls on commodity exports to ensure profits remain domestically and are converted into local currency. The Philippine central bank has already raised rates, and there is market discussion that soaring inflation may prompt a temporary rate hike before next month's meeting. ⑷ BlackRock's global head of fixed income for Asia Pacific stated that there are many answers to how many rate hikes are needed to truly stimulate capital inflows, but the ultimate damage these rate hikes could inflict on domestic economies could also be substantial. (5) The Indonesian rupiah fell again just one day after the interest rate hike, and the stock market also declined. S&P warned that Indonesia's plan to centrally control commodity exports could damage exports, squeeze government revenue, and weaken the balance of payments. Some analysts pointed out that such state interventionism is unlikely to encourage investment. (6) The Reserve Bank of India's forward dollar commitments have exceeded $100 billion, eroding the buffer provided by its total reserves of $700 billion. Some analysts believe that once reserves become the focus of market attention, the visual effect is crucial. India, Indonesia, and the Philippines still have room to raise interest rates and the ability to use reserves, but even if the strait reopens to navigation, investors are unlikely to return quickly.