Errors of policy by the governments
The policy most intensely discussed is the decision to unofficially fix (pegged) the value of their currencies to the dollar
In the early 1990s, the dollar fell against most currencies, especially the Japanese yen Asian Tigers’ currencies depreciated against third-party currencies cost of imports increased whereas export prices fell in the Japanese market FDI from Japanese companies due to the over-valued yen and the wished to shift production abroad