Challenges for EMs This Year – Inflation and Monetary Policy

Hello everyone in the Emerging Markets room. I've been following the EM situation quite closely lately, and it feels like the challenges this year are still numerous, especially with high inflation and monetary policies that need to adapt. The Fed also doesn't seem to be easing as quickly as some parts of the market expect, which means capital might not flow back into EMs as fully as we'd like to see. Personally, I think some countries in Asia with strong fundamentals might look better, but we still need to be wary of volatility from external factors like oil prices or geopolitical tensions. The strong rally in $JP225 recently reflects the recovery of the Japanese economy well, but at the same time, we need to see if the flow into Japan will draw some money out of EMs. Does anyone see any interesting opportunities or risks in EMs right now? I'd like to hear your perspectives.