The U.S. Treasury Department said on the 14th (local time) that Minister Scott Bessent met with Koo Yun-cheol, Korea's vice prime minister and Minister of Economy and Finance, and said, "The recent decline in the value of the won is not consistent with Korea's strong economic fundamentals." The department said Bessent also noted, "Excessive volatility in the foreign exchange market is not desirable."

Scott Bessent, the Minister of the Treasury (left), and Koo Yun-cheol, Deputy Prime Minister for the Economy and Minister of Economy and Finance, pose for a commemorative photo in Washington, DC on the 12th (local time)./Courtesy of Bessent Minister X capture

The U.S. Treasury Department said in a news release that Bessent and the vice prime minister met on the 12th. "The two met in Washington, D.C., and discussed economic trends in Korea and the United States and ways to strengthen economic ties between the two countries." Koo was visiting the United States to attend the Group of Seven (G7) finance ministers' meeting chaired by Minister Bessent.

According to the news release, Minister Bessent, in discussions with the vice prime minister, said, "The recent decline in the value of the won is not consistent with Korea's solid economic fundamentals." He also emphasized that "excessive volatility in the foreign exchange market is not desirable."

Bessent also said, "In particular, Korea's strong economic performance in key industrial sectors that support the U.S. economy is making it an important partner for the United States in Asia."

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