The 2002 Asian financial crisis is the term applied to a meltdown of the Tokyo and Hanseong Stock Exchanges in 2002, resulting in a crippling depression and deflationary cycle within the protectionist Asian Sphere of Co-Prosperity. The crisis is attributed to popping the "Oriental bubble" of Asian financial power that had ballooned from the mid 1980s through all of the 1990's. As a result, the economies of numerous Asian nations, in particular China, Korea, Vietnam and Siam, suffered tremendous blows. Japan was able to weather the storm on the Home Islands, although the effects of the ensuing economic downturn in its impoverished Philippine territory is directly attributed to being a major factor in the 2004-07 Philippine War.

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