Bessent Gives Rare Verbal Support to Korean Won, Sparking Rally

Treasury Secretary Scott Bessent called out excessive declines in South Korea’s won on Wednesday, offering rare verbal support to the currency as it slides toward its weakest since 2009.

The US Treasury chief made the remark in a social media post and in a statement from his department regarding a meeting he held Monday with South Korea’s Finance Minister Koo Yun Cheol. In a separate statement, he also touched on currency volatility in a discussion with Japan’s finance minister earlier in the week.