This broad perspective sometimes overlooks the fact that with respect to exchange rate flexibility Asia is anything but a homogenous entity. Some Asian currencies have undergone appreciations against the US currency which are comparable to those of the euro area.
For example: In the period 1999–2004 the US dollar depreciated by more than 13 % against the Korean won (25 % against the New Zealand dollar and nearly 9% against the Japanese yen). In comparison: At the end of 2004 the US dollar had depreciated 9.5 % against the euro since the beginning of 1999.