South Korea and US Agree to Collaborate on Addressing Korean Won Weakness

Deep News08:40

Reports indicate that South Korea and the United States have reached a consensus on working together to manage the depreciation of the Korean won.

A Sunday report from Yonhap News Agency, citing an anonymous foreign exchange official, stated that South Korea's Vice Finance Minister Moon Jisung met with U.S. Treasury officials in Washington to discuss movements in the foreign exchange market.

Moon Jisung noted that considering positive economic fundamentals, such as favorable conditions in South Korea's semiconductor industry, the recent depreciation of the won lacks reasonable support and the decline has been excessive.

Both sides agreed to maintain close communication and cooperation to jointly address the issue of the won's weakness.

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