How to Decode Policymakers’ Comments on the Rapidly Falling Korean Won
- Korea ramps up warning as won weakens to 1,400 per dollar
- Authorities say they are ready to take steps to stabilize FX
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Policymakers in Seoul have stepped up their commentary on the won as the currency weakens rapidly, briefly touching a key level of 1,400 per dollar for the first time since late 2022.
South Korean authorities early Wednesday said they share “serious concerns” with Japan on the recent weakness of their currencies and that they can take “appropriate steps” to counter drastic volatility. Bank of Korea Governor Rhee Chang-yong said the central bank is “ready to deploy” stabilizing measures.