Thoughts on Asian Equities and the 'Value' Play vs. Momentum

Been watching the $IDR lately, seeing that drop to 28.785, down 6.54% today alone, trading between 28.645 and 30.56. Meanwhile, other assets like $SLV are taking a hit, down 4.05% to 50.1. It makes me wonder about the broader sentiment in Asian markets right now. Are we seeing a genuine repricing of risk, or is this just a classic overreaction, presenting what some would call a 'value' opportunity in equities?

My take, unpopular as it may be with the momentum chasers, is that too many are still fixated on chasing the last big run rather than digging into the fundamentals of some of these beaten-down sectors. There's a decent argument to be made that the 'hot' money will always move on, but real, long-term capital is starting to look at what's cheap relative to its underlying earnings power, especially in markets that have seen significant corrections. I'm less interested in what's gapping up on a tweet and more in what's consolidating at a significant discount to its intrinsic worth. Happy to be proven wrong here, so push back on this. What am I missing?