finance
South Korea Vows to Monitor FX, Bond Markets as Won Hits Lowest Level Since 2009
Finance Minister Koo Yun Cheol said authorities will monitor foreign exchange and bond markets closely and act promptly against excessive moves. The won approached 1,536.95 per dollar on Wednesday.
Jun 4, 2:48 AM·1m read1 source
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South Korea’s government pledged to curb excessive volatility in the won after the currency approached its lowest level since 2009 and bond yields climbed. 95 per dollar, the lowest mark since 2009, Japan Times reported. Finance Minister Koo Yun Cheol said Thursday that authorities are closely monitoring FX market developments with a high degree of vigilance to prevent anxiety from spreading, and will take prompt, necessary measures in case of excessive market moves.
Koo issued the statement after a regular meeting with officials including the Bank of Korea governor. The government will also closely monitor the bond market and respond promptly to excessive volatility through close communication with market participants, Koo said in an emailed statement.
South Korea is stepping up measures to defend its currency as elevated oil prices hurt the region’s importers, Japan Times reported.
The move aligns South Korea with authorities in Indonesia and the Philippines that have taken similar steps.
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