Many Asian countries have launched a "currency defense war".

According to data released by the Bank of Korea, as of the end of April, South Korea's foreign exchange reserves were US$413.26 billion, a decrease of US$5.99 billion from the previous month, the largest drop in nearly 19 months. The Bank of Korea said that the shrinkage of foreign exchange reserves was due to market stabilization measures. Overseas investment institutions believe that the Bank of Korea has used at least more than US$3 billion in foreign exchange reserves to intervene in the foreign exchange market and stabilize the exchange rate.