What nickname was given to the 1997 Asian financial crisis after Thailand devalued its currency?

The 1997 Asian financial crisis was nicknamed the Tom Yum Kung crisis after Thailand devalued its currency.

Thailand abandoned the baht’s dollar peg on July 2, 1997, after heavy pressure on its foreign-exchange reserves. The baht then depreciated sharply, and financial stress spread across several Asian economies. The nickname refers to tom yum kung, a spicy Thai shrimp soup and a well-known national dish.

The crisis involved currency collapses, corporate and bank failures, capital flight, and large emergency lending programs. Indonesia, South Korea, and Thailand were among the countries most severely affected, although the impact varied across the region.

The nickname is not the formal name of the event and is mainly used in Thailand. International accounts more commonly call it the Asian financial crisis or the Asian financial crisis of 1997. The crisis also prompted debate about fixed exchange rates, short-term foreign borrowing, and international financial assistance.