South Korea Steps Up Won Defense With Pledge for Action
The won is under pressure from stock outflows and as Koreans boost overseas investment.
Photographer: SeongJoon Cho/BloombergSouth Korea stepped up its defense of the won, which approached a 16-year low this week, as it pledged to take action in coordination with state-owned National Pension Service.
Authorities will closely discuss with major market players, including the pension fund and exporters, to prepare measures, the finance ministry said in a mobile-phone message Friday after Finance Minister Koo Yun-cheol met with Bank of Korea Governor Rhee Chang Yong and financial regulators.