Koo Yun-cheol, Deputy Prime Minister for Economic Affairs and Minister of the Ministry of Economy and Finance, said on the 26th that "if exchange rate volatility expands excessively, we will respond firmly." In the foreign exchange market that day, the won-dollar rate fell more than 15 won from the previous day to 1,457 won at 9:31 a.m., just before Koo held a briefing. It has continued to drop by more than 10 won since.
Koo said at a foreign exchange market press briefing at the Government Sejong Complex at 10 a.m. that day, "The government is closely monitoring speculative transaction and one-way herd behavior." He added, "We will consider all possible policies for foreign exchange market stability."
He went on, "The Ministry of Economy and Finance (MOEF), the Ministry of Health and Welfare, the Bank of Korea, and the National Pension Service have formed a four-party consultative body and begun discussions on building a 'new framework' that harmonizes the National Pension Service's revenue and foreign exchange market stability," adding, "We are not yet reviewing short-term incentives related to (requests for cooperation on) won purchases by export corporations, but we plan to review them if necessary." He also said, "If needed going forward, I will meet anyone to consult and communicate."
The won-dollar rate opened at 1,465.0 won, down 7.5 won from the previous day's close. Around 9:31 a.m., the drop widened to 15.4 won, hitting 1,457 won. Although Koo had not yet begun the briefing, expectations that the government would verbally intervene were already reflected in the rate. The decline then narrowed somewhat, and as of 11 a.m., it was trading in the 1,460-won range.