Central banks in developing Asia have been forced into another round of monetary tightening to offset renewed currency depreciation and inflationary pressures, Nikkei Asian Review reports. Bank Indonesia raised its benchmark rate by 25 basis points to 5.75%, while Bangko Sentral ng Pilipinas raised its rate by 50 basis points to 4.5%. Meanwhile, the rupiah and the Jakarta Composite Index (JCI) strengthened on Thursday on the back of the expected increase in the US Federal Reserve’s short-term interest rates, which the Federal Open Market Committee (FOMC) raised by 25 basis points to a maximum 2.25 percent. Just as the Fed steadily picks up the pace of rate increases, Wall Street’s quantitative strategists are telling clients to sell U.S. stocks and buy into emerging markets, writes Shuli Ren for Bloomberg Opinion.