Mitsubishi UFJ Bank Report: The Impact of Rising Oil Prices on Asian Currencies is Significant

According to a report from Jin10 Data, the Global Market Research Department of Mitsubishi UFJ Bank indicates that the Philippine peso, South Korean won, and Thai baht are more susceptible to the surge in oil prices in Asia. The report cites World Bank analysis, stating that for every $10 increase in oil prices per barrel, Asia's current account position will decrease by 0.2% to 0.9% of GDP.

In addition, for every $10 increase in oil prices per barrel, the CPI in Asia may rise by 0.1 to 0.8 percentage points.