Won Jumps After Korea Vows ‘Strong Determination’ Over Currency

South Korea’s won strengthened after the authorities said excessive weakness in the currency isn’t desirable and foreign-exchange markets will soon see the government’s “strong determination.”

The currency rallied after the central bank and finance ministry said in a joint text message that they held a number of meetings over the last two weeks to discuss the won’s recent weakness. The ministry also announced a package of new tax measures to help stabilize the foreign-exchange market, while the National Pension Service is said to be starting “strategic” currency hedging.