Dollar loan volumes in Asia (excluding Japan) have plummeted to a 14-year low in the first half of 2024, dropping 44% to $45.5 billion. This decline contrasts sharply with the global trend, where US-currency loan sales increased by 37%. The slump in Asian dollar loans is attributed to higher US interest rates, which have made borrowing in dollars less attractive for Asian companies. As a result, many firms are turning to alternative financing options, such as local-currency bonds and bank financing, which offer more favorable borrowing costs. This shift highlights the growing maturity of local capital markets in some Asian countries and the increasing flexibility of borrowers in choosing funding sources.