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Korean Won Posts Third Weekly Loss on European Debt Concern

South Korea’s won posted its third weekly decline and government bonds advanced as borrowing costs surged in Europe, spurring demand for safer assets including the U.S. dollar.

Italy’s benchmark 10-year debt yields rose above 7 percent this week, the threshold that led Greece, Portugal and Ireland to seek bailouts. The Kospi index of shares fell 2 percent today after Spain sold a new 10-year benchmark at an average yield of 6.975 percent yesterday, the most since the euro’s creation.