In Malaysia and Singapore, the concept was embraced because it reconciled Islam and the ethnic Chinese community into an ideology that could challenge the West. In Japan, it was popular among some nationalistic circles because it challenged the West and also offered the possbility of Japanese leadership in a new Asia.
Mahathir bin Mohamad, the former prime minister of Malaysia, was a particularly outpoken advocate of Asian values.
The concept of Asian values began to lose currency after the Asian financial crisis weakened the economies of many Asian countries.