Definition:
Asian Financial Crisis of 1997
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The Asian financial crisis started in July 1997 in Thailand and affected currencies, stock markets and asset prices of several Asian countries.Indonesia, South Korea and Thailand were the countries most affected by the crisis. Malaysia, the Philippines and Hong Kong also struggled. Mainland China and Taiwan were relatively unaffected.
Although Japan was not affected much by the crisis, it was still going through its own long-term economic downturn.
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