Key facts
- The South Korean won has shown strength against the U.S. dollar.
- There are indications that South Korea intervened in the currency market.
- Seoul's intervention is believed to have occurred in tandem with Japanese authorities.
- SK Hynix's conversion of dollars from its U.S. listing into won is seen as a contributing factor to the won's strength.
The South Korean won has maintained a firm stance against the U.S. dollar, with market observers noting signs of intervention by Seoul in currency markets, reportedly in coordination with Japanese authorities. This joint action aims to bolster both the won and the yen. A contributing factor to the won's strength is believed to be SK Hynix's conversion of dollars raised from its recent U.S. listing into the local currency.