Won Strengthens Most in a Week as Yen Rebounds on Kuroda Remarks
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South Korea’s won rose the most in more than a week as the yen rebounded from near a seven-year low after Bank of Japan Governor Haruhiko Kuroda said his nation’s economy is recovering modestly.
The BOJ is strongly committed to achieving its 2 percent inflation target, according to the text of Kuroda’s speech released on the central bank’s website. The won also gained as local exporters sold dollars to repatriate overseas earnings toward the month-end. The won and yen tend to track each other because South Korean and Japanese companies compete overseas.