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Will the woes of the Asian Financial Crisis resurface?

Nirgunan Tiruchelvam
Nirgunan Tiruchelvam7/7/2022 11:35 AM GMT+08  • 4 min read
Will the woes of the Asian Financial Crisis resurface?
Jakarta taxis seen in this 2016 photo. PT Steady Safe, a Jakarta-based taxi company, serves as a reminder of the lessons of the Asian Financial Crisis 25 years ago / Photo: Bloomberg
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Many Britons will associate 1997 with Lady Diana’s tragic death. In Asia, the year will be remembered for a different calamity. This week marks the 25th anniversary of the Asian Financial Crisis.

The week is also a special one for me. It marks 25 years since my arrival in this city. My old colleagues joked that I brought the disaster with me.

The ghosts of that catastrophe may be among us. A few days ago, the Japanese yen dived to a 20-year low against the US dollar. A further depreciation of the yen could spark a crisis not seen since 1997.

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