In fact, it is quite interesting that as recently as six months ago, most discussions treated the ASEAN Four as being the known extent of the Asian slowdown. We did not know at that stage, although the possibility was flagged, that Korea would join them, that Indonesia would deteriorate significantly further, and that Japan would suffer a relapse into recession.
Finally, a change in the exchange rate may have different implications if it primarily represents international views about our economy and policies, or if it is because we are being swept along with other countries in an international adjustment process. All of these factors are relevant and have to be taken into account with due weight.