Won Fall May Prompt Action, Korea’s $1 Trillion Pension CEO Says

The South Korean won’s weakness against the dollar during recent market turmoil may require action to stabilize it, the chief of the nation’s largest pension fund said.

Rejecting the notion that the currency’s recent dip to the 1,500-per-dollar level represents a “new normal,” National Pension Service Chairman and CEO Kim Sung-joo said in a Friday interview that he views the low 1,400s as a more appropriate equilibrium. The won has fallen about 5% against the dollar this year to 1,514.25, among the worst performers in Asia.