A high-level official from the Korean and U.S. foreign exchange authorities met and agreed to communicate closely to respond to the won's weakness, according to reports on the 14th.
According to the foreign exchange authorities and others, Deputy Minister for International Affairs Mun Ji-seong of the Ministry of Economy and Finance departed for Washington, D.C., on the 12th and returned that day. Mun, the Deputy Minister, was said to have met with a senior official at the U.S. Treasury to discuss recent developments in the foreign exchange market.
Deputy Minister Mun conveyed that, considering the fundamentals of the Korean economy, the recent weakness of the won appears excessive. The two countries were thus said to have agreed to continue close communication and coordination to respond to downward pressure on the won.
Meanwhile, the won-dollar exchange rate has remained in the 1,500-won range for 19 consecutive trading days since the 15th of last month.