Summary Many central banks in Asia have been forced into the market to arrest their slumping currencies. Asian currencies have been extending declines, having already tumbled this year as rate hikes by the US Federal Reserve bolster the greenback, and investors have been gripped by fears of a recession. The Japanese yen has slumped more than 20% to a 24-year low, the Korean won has fallen 17%, and the Philippine peso and Taiwan dollar have both dropped more than 13%. Meanwhile, Britain may be teetering on the brink of something worse. The Bank of England is the latest to intervene. It has announced it will buy as many long-dated government bonds as it needs to to calm the market.  ...