Investors turn from dollar to yen for FX bets
Korean investors are turning from the U.S. dollar to the Japanese yen as the won has strengthened against the greenback in recent months, with the won-dollar exchange rate falling from above 1,550 won in the first half of the year to the 1,300-won range. With the won falling to the 850-won range against 100 yen, near a record low, expectations of a gradual yen recovery are growing, prompting…
Korean investors are shifting their foreign exchange bets from the U.S. dollar to the Japanese yen due to the won's strengthening against the greenback, according to The Korea Times. The won-dollar exchange rate has fallen from above 1,550 won in the first half of the year to the 1,300-won range, with the won now at the 850-won mark against 100 yen, nearing a record low.
This has prompted investors to buy the Japanese currency preemptively, with yen deposits at Korea's five major commercial banks rising to 1.13 trillion yen as of Tuesday, up 47.8 billion yen from the end of August. Meanwhile, dollar deposits have decreased as investors move away from the dollar.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Investors turn from dollar to yen for FX bets koreatimes.co.kr
