The American Fulbright Program is a scholar exchange program that brings scholars and students from overseas to the United States and sends scholars and students from the United States overseas.
There are a large number of programs for the countries of East Asia. If you are an American citizen and are a new university graduate (or will be next year), you are eligible for programs to teach English abroad or to engage in study/research programs. Professors should circulate this information to students.
If you are an American scholar, there are many research and teaching opportunities.
Awards generally cover all expenses (including airfare) and include stipends.
I have attached three introductory documents to this message.
You can find all of the programs here: http://www.iie.org/fulbright.
The announcements for the next round of programs have just come out. Many of the deadlines are August 1.