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Korean Won Retreats on Concern Greece to Exit Euro; Bonds Steady

South Korea’s won fell toward a five-month low amid mounting concern that Greece’s debt crisis will lead to it leaving the euro. Government bonds were steady.

Greece’s former Prime Minister Lucas Papademos said that while it is unlikely the nation will exit the euro, it’s still a risk, according to a report in the Wall Street Journal yesterday. Fitch Ratings cut Japan’s local-currency rating yesterday by one step, and the foreign-currency grade by two levels, to A+. The Kospi Index declined as overseas investors cut holdings of the nation’s shares, taking net sales to $2.9 billion this month through yesterday, according to exchange data.