South Korea's Deputy PM Holds Emergency Meeting on Currency Market, Vows Strict Action Against Speculation

South Korea's Deputy Prime Minister and Minister of Economy and Finance, Koo Yoon-cheol, convened an emergency meeting to address the volatility in the foreign exchange market. The primary concern is the weakening trend of the Korean won and potential speculative trading activities that could be exacerbating the situation.

During the meeting, Koo stated that authorities would take "stern measures" against any speculative moves or actions suspected of disrupting the market. The discussion involved assessing the current market conditions, including the impact of foreign investors' selling of Korean stocks, which has pushed the won-dollar exchange rate to its highest level since the financial crisis.

Participants in the meeting, including officials from the Bank of Korea and the Financial Services Commission, acknowledged that while some currency movements are influenced by factors like foreign investors adjusting their portfolios and taking profits, there are also indications of speculative trading accelerating the downward pressure on the won. The group agreed to monitor the situation closely and implement appropriate responses to stabilize the market.

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We will take stern measures against any speculative moves or actions suspected of disrupting the market.