Asian Currency Crisis
A financial crisis that started in July 1997 in Thailand, and affected currencies, stock markets, and other asset prices of several Asian countries, many part of the East Asian Tigers. The Thailand Baht was devalued by as much as 48%, dropping to close to a 100% fall by New Year of 1998. The Indonesian Rupiah was the hardest hit, falling 228% from its previous high of 12.950 to the fixed US Dollar. The Japanese Yen fell about 23% from its high to its low against the US Dollar in 1997 and 1998.