Maybe Malaysia might go down some more. But I also believe that we are entering a historical period where there is systemic risk in the financial world. I advise people there is no need to go bottom-fishing just now. Japan has had several rallies in the past seven years, only to fall back down again. One of the most unappealing markets in the world is Hong Kong.
Property is still way overvalued and the U.S. dollar peg is still there.
Once that has happened, I suspect Hong Kong will let go of the peg. I expect that to be late next year or in 1999, especially if China devalues the renminbi. Personally, I don't believe China needs to devalue its currency, but the pressures might be too great. I think most of them are pretty close to the bottom. But the currencies might continue to trade in a narrow range.