[JPMorgan: High Oil Prices May Trigger Tightening of Monetary Policy in Asia] BlockBeats News, March 12 — JPMorgan economists stated that persistently high oil prices could prompt some Asian central banks to adopt a hawkish monetary policy stance. The recent surge in crude oil and natural gas prices has posed trade shocks to many economies in the region. They noted: 'Across the region, fiscal policy is likely to serve as the first line of defense to cushion the impact on households.' They indicated that rising oil prices would increase the likelihood of policy tightening in Singapore and Malaysia, while reducing the chances of rate cuts in Indonesia and the Philippines. Their analysis suggests that whether the Bank of Korea will raise interest rates as a result will depend on whether the oil price-driven shock persists and whether it is significant enough to influence inflation expectations and produce second-round effects on core inflation. (Jin10)