What name was given to the 1997 Asian financial crisis’s first major currency and market collapse?

The first major collapse of the 1997 Asian financial crisis was called the Tom Yum Kung crisis.

The name refers to Thailand’s spicy soup and reflects the crisis’s origin in Thailand. On July 2, 1997, Thailand abandoned its fixed exchange-rate regime and allowed the baht to float after intense pressure on its currency reserves. The baht then depreciated sharply.

Financial stress spread across East and Southeast Asia. Indonesia, South Korea, Malaysia, and other economies experienced currency falls, stock-market declines, corporate failures, and banking problems. International assistance, including programs supported by the International Monetary Fund, became necessary in several countries.

English-language sources more often call the episode the Asian financial crisis or Asian financial crisis of 1997. “Tom Yum Kung crisis” is a Thai name for its opening phase, so it should not be confused with Mexico’s 1994–95 Tequila crisis or Russia’s 1998 default.