South Korea to intervene in KRW to move in line with JPY

FXStreet (Bali) - South Korea will manage Won to move in line with Yen, Reuters reports, given the increased price pressure on South Korean competitors.

Reuters notes: "The yen-tracking plan was revealed by Vice Finance Minister Joo Hyung-hwan at a National Assembly budget sub-committee session on next year's budget, the financial news arm of South Korea's Yonhap News Agency said."

The Bank of Korea will therefore start fixing the dollar-won exchange rate, "so that it does not move too far out of of sync with other global exchange rates", Reuters wrote. As a reminder, the JPY/KRW is traded through USD/KRW.