Slowing global growth and low commodity prices may continue to force Asia's central banks to cut rates to boost domestic demand and lift inflation, analysts say.
"If the support from external demand remains weak, then the urgency for policymakers to act to ward off deflationary pressures and boost domestic demand will increase," Morgan Stanley Asia economist Derrick Kam told CNBC by email.
"We expect further monetary easing in the months ahead," he said.
Exports have traditionally powered Asia's economies but growth has slowed recently. In a note published on Wednesday, Morgan Stanley surveyed eight countries -- China, India, Indonesia, Malaysia, the Philippines, South Korea, Taiwan and Thailand – and found that exports grew by an average 3.8 percent between 2012 and 2015, compared to an average 12.8 percent between 1992 and 2007.
To help encourage consumers and businesses to spend more and fill the gaps left by dwindling export demand, India's central bank has cut its benchmark policy rates twice so far this year. Meanwhile, in February, Indonesia and China each cut their rates by 25 basis points.
Thailand's central bank jumped on the easing bandwagon on Wednesday, unexpectedly cutting its benchmark policy rate by 25 basis points to 1.75 percent. On Thursday, the Bank of Korea (BOK) followed suit, surprising markets with a 25 basis-point rate cut to a record low 1.75 percent.
"The disinflation and dovish surprise by central banks themes have further to run in Asia," said Credit Suisse in a research note published on Monday.