Won's 8% Jump Set to Bash Korea Exports
- ‘Below 1,000 our exporters will be bashed,’ Oh Jung Gun says
- Hyundai Motor, LG Electronics shares plunge as Kospi gains
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South Korean exporter shares are slumping as the won’s charge toward 1,000 against the U.S. dollar prompts a leading party official to warn they risk being “bashed” globally.
The currency gained 8 percent against the greenback and the Chinese yuan from June 24 through Wednesday, the top performance in Asia, and 6 percent versus the Japanese yen, crimping the competitiveness of Korean car and electronics producers against rivals. Shares in Hyundai Motor Co. fell 10 percent since April 1 and LG Electronics Inc. dropped 14 percent even as the benchmark Kospi index gained 3.8 percent.