Yen Strength Sends Won-Dollar Rate Lower
The won-dollar exchange rate dropped to the 1,340 won range during intraday trading for the first time in one year and two months. This is the result of the won moving in sync with the yen, which showed strength on wariness over potential intervention by Japanese foreign exchange authorities.In the
The Korean won experienced a significant decline against the Japanese yen, trading as low as 1,340 won on September 4 for the first time in over a year and a half, according to wire material. This drop occurred as the won followed the yen's upward trend, driven by concerns about potential intervention by Japanese foreign exchange authorities.
The decline was marked by a drop of 20 won from the previous day and the lowest level since June 30 of the prior year. The exchange rate's decline continued for three consecutive trading days, slipping by 20 won and hitting the 1,340 won range for the first time since July 1 of the previous year. The yen showed strength, which corresponded with a steep drop in the yen-dollar exchange rate from 158 yen to 155 yen in the New York foreign exchange market.
Factors contributing to the decline included expectations of a frozen U.S. benchmark interest rate, as indicated by Christopher Waller, a member of the Federal Reserve Board, and the continued dollar-selling by exporters.
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