South Korea and US to Collaborate on Countering Weak Korean Won

Deep News09:00

South Korea and the United States have reached an agreement to work together in addressing the recent depreciation of the Korean won.

According to a report from Yonhap News Agency on Sunday, which cited unnamed sources within foreign exchange regulatory circles, South Korea's Vice Minister of Economy and Finance, Moon Jisung, met with officials from the U.S. Department of the Treasury in Washington. The discussions focused on recent trends in the foreign exchange market.

During the meeting, Vice Minister Moon emphasized that the recent decline in the value of the Korean won is difficult to justify given South Korea's sound economic fundamentals. He pointed to favorable conditions in key sectors such as semiconductors, suggesting the scale of the currency's depreciation appears excessive.

The two sides concurred on the need to maintain close communication and cooperation going forward to jointly manage the situation surrounding the won's weakness.

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