(Bloomberg) -- South Korea's won weakened from the
highest in four days on speculation the central bank will sell the
currency to keep exports competitive as the Japanese yen slipped
to a three-month low.
A weakening yen, down 2.2 percent this year compared with 0.2
percent for the won, makes Japan's goods more competitive overseas
and may hurt demand for South Korea's exports, which account for
40 percent of the economy. The won is ``highly overvalued'' and
Korea will respond to speculation, Ahn Byung Chan, the central
bank's top currency official, said May 16.
Read more at Bloomberg Currencies News
highest in four days on speculation the central bank will sell the
currency to keep exports competitive as the Japanese yen slipped
to a three-month low.
A weakening yen, down 2.2 percent this year compared with 0.2
percent for the won, makes Japan's goods more competitive overseas
and may hurt demand for South Korea's exports, which account for
40 percent of the economy. The won is ``highly overvalued'' and
Korea will respond to speculation, Ahn Byung Chan, the central
bank's top currency official, said May 16.
Read more at Bloomberg Currencies News
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