Several emerging market currencies are experiencing record lows or low levels not seen for years, as continued monetary tightening by the U.S. Federal Reserve strengthens the U.S. dollar, driving foreign capital back to the U.S. for higher returns. These include the Thai baht, the Indonesian rupiah, the Philippine peso, the Vietnamese dong, the Malaysian ringgit, as well as the Japanese yen. The Korean won has suffered from deflation worse than during the 2008 financial crisis. Central banks in some of these export-oriented Asian countries are now taking action to support their currencies through the tough times.