The Asian financial crisis began in July 1997 when the currency of Thailand, the baht, was devalued after the government was forced to float it due to dwindling foreign reserves. This sparked a wave of financial turmoil, leading to the collapse of several major economies in Southeast Asia. The economic downturn rapidly escalated, affecting countries like Indonesia, Malaysia, South Korea, and the Philippines. As the crisis unfolded, global investors grew increasingly wary of the implications for the world's interconnected markets. On October 27, 1997, panic ensued in the United States as news of the crisis spread, triggering fear regarding potential economic fallout. On that particular day, the Dow Jones Industrial Average fell by 554.26 points, or 7.18%, marking one of the largest single-day declines in history at that time. Major financial institutions and stock markets experienced turbulence as investors rushed to sell off their holdings amidst fears of a broader economic slowdown. The financial crisis underscored the fragility of emerging markets and led to a reevaluation of investment strategies worldwide.