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Korean Won, Taiwan Dollar Tumble Most in 16 Months as Yen Slides

South Korea’s won and the Taiwan dollar tumbled the most in 16 months as the yen’s slide to a 2 1/2-year low fanned speculation their central banks will seek weaker exchange rates to protect exports.

A global currency war seems to be breaking out as monetary easing in Japan drags the yen lower, Ha Sung Keun, a Bank of Korea board member, said today in Seoul. Korean officials hinted last week that they would boost measures to curb gains in the won, which strengthened 8.3 percent in 2012. Taiwan’s central bank said today it would intervene if needed.