Asian governments went on a rate cutting spree in 2012: Moody's

Guess which bank cut rate 6 times.

According to Moody's, Asian governments and central banks loosened policy in 2012 as external conditions deteriorated. Interest rates were cut in Australia, China, India, Indonesia, Korea, the Philippines and Thailand. 

The Reserve Bank of Australia was among the most proactive, cutting rates six times since October 2011. The Aussie housing market has now stabilized and should trend sideways rather than down in coming quarters.

Here's more from Moody's:

Lending cooled in China in the latter months of 2012, but remains elevated. Asia’s governments enjoy low debt burdens, giving them some scope for fiscal stimulus.

South Korea's government offered expanded car and housing subsidies, while China brought forward spending on utilities and other infrastructure through the second half of 2012.

The recent Lunar New Year ushered in China's Year of the Snake, named for a creature known for calm and intelligence, but also its materialism. China's new leaders will need plenty of the former as they aim for steady GDP growth, while clamping down on egregious corruption that has lately tainted the party.

Other official goals include curbing pollution and, longer term, rebalancing the economy towards consumption. These targets and what the government calls “better quality growth” will cap China’s potential GDP growth in