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This paper applies recently developed unit root and cointegration models to determine the appropriate Granger relations between stock prices and exchange rates using recent Asian flu data. Via impulse response functions, it is found that data from South Korea are in agreement with the traditional approach. That is, exchange rates lead stock prices. On the other hand, data of the Philippines suggest the result expected under the portfolio approach: stock prices lead exchange rates with negative correlation. Data from Hong Kong, Malaysia, Singapore, Thailand, and Taiwan indicate strong feedback relations, whereas that of Indonesia and Japan fail to reveal any recognizable pattern. %JEL classification: F300; G150