Japanese Yen Dominance Grows Over East Asian Currencies Post-Financial Crisis.
The impact of the Japanese yen on East Asian currencies has increased since the 1997 financial crisis. This was found by analyzing exchange rate data from before and after the crisis in Indonesia, South Korea, the Philippines, and Thailand. The weight of the Japanese yen in determining the values of these currencies has gone up post-crisis, rejecting the idea that it remained the same.