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The latest announcement from the U.S. Federal Reserve delaying the start of a slowdown in asset purchases gives Asian markets a bit of a reprieve but does not change the basic picture that the United States is embarking on a gradual normalization of its monetary policy.

The big question is whether that normalization will keep driving investors out of Asia’s markets, further sapping the wind from the region’s economic sails and all but wrecking the most vulnerable economies, as happened in 1997 during the Asian financial crisis.

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