Korean Won Anticipated to Strengthen Amidst Global Currency Shifts

South Korean President Lee Jae Myung anticipates the country's currency, the won, to appreciate to 1,400 per dollar in one to two months. However, he cautioned that domestic policies alone won't stabilize the foreign exchange market, given the interconnectedness with the Japanese yen's weaknesses.

South Korean authorities are eyeing an appreciation of the won to approximately 1,400 per dollar within the next month or two, according to President Lee Jae Myung. Despite this optimistic outlook, Lee cautioned that relying solely on domestic policies may not suffice to stabilize foreign exchange markets.

Speaking at a press conference, Lee indicated that projections suggest the dollar-won exchange rate would dip to around 1,400, as the won showed an intraday gain of 0.3%, trading at 1,472.5 per dollar, after hitting a recent low at 1,481.4.

Lee highlighted the interconnectedness of global currencies, noting the depreciation of the won was partly due to the Japanese yen's weakness. He affirmed South Korea's commitment to developing sustainable policy tools to achieve currency stabilization.

(With inputs from agencies.)