A new directive to the banks in the US urges them to increase the reserves for bad loans, and it is feared that this directive might further curb demand for products and services. The US economy is already facing a crisis of weakness in the housing sector and rising defaults in mortgage repayments.
http://www.rttnews.com/FOREX/AsiaMkt.asp?date=07/22/2007&item=3
http://www.rttnews.com/FOREX/AsiaMkt.asp?date=07/22/2007&item=3