Korea's Export Boom Is Hurting And Helping Japan

Long dependent on Japan for investment and technological knowhow, South Korea is now besting its benefactor in global markets--thanks to a soaring yen, reports economist Ellen T. Rodgers of Morgan Guaranty Trust Co. With the yen up 13% against the South Korean won in 1993 (and another 13% so far this year), Seoul was able to boost exports by 7.3%, helping to cut its overall trade deficit last year by nearly 70%, to $1.5 billion.

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