Korean authorities clamp down on rapid won appreciation

It has jumped 9% vs US dollar since May.

According to BBVA Research, The Wall Street Journal reports that Korean authorities intervened today to curb rapid appreciation of the won, which has risen by 9% against the US dollar since May.

Here's more from BBVA Research:

The won briefly touched 1,080/USD today before closing at 1,085/USD after the authorities’ actions.

Should intervention continue, it will likely help Korea’s exporters, who are facing headwinds including slack global demand, a strong won, and increasing competition from Japan’s exporters - who stand to benefit from the recent depreciation in the yen on speculation that Shinzo Abe will be elected Prime Minister on December 16th.

Mr. Abe has hinted that Japan should pursue ‘unlimited’ quantitative easing in order to combat persistent deflation.

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