The won fell to its lowest level in 15 months on speculation that the central bank will intervene to oppose weakening the yen after a report showed the value of South Korea's exports unexpectedly contracted.Government data today showed that shipments abroad fell by 1.9% in November from a year ago, compared with the median estimate for a 1.8% rise in a Bloomberg survey. Yen led weakening of Asian currencies in the current quarter after the Bank of Japan increased its monetary stimulus. The Japanese and Korean exporters compete in the international market for products such as cell phones and electronic devices.
Hong Seok Chan, an analyst at Daishin Economy Research Instutute in Seoul said that the weakening of the yen should weigh on the minds of policymakers. The weakening won associated with the movement of the yen.
Won slipped by 0.5% to 1,113.60 per dollar today. The currency fell as much as 1.1% earlier fell to 1,119.95, it is the weakest level since August 2013, and fell by 0.5% against the yen to 9.3826.
Bank of Korea Governor Lee Ju Yeol on November 18, said that the government is aware of the impact on the economy of South Korea from a weaker yen and will act to maintain the stability of the exchange rate if necessary.
The value of imports shrank by 4% in November, sending the trade surplus fell to $ 5.6 billion, it is the level at least since September. The yen dropped by 7.8% in the current quarter, followed by a decline of 5.7% won.
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