Kuroda’s Stimulus Makes Won a Loser, Rupee a Winner

Bank of Japan Governor Haruhiko Kuroda’s expanded stimulus is highlighting the split in Asia’s foreign-exchange market.

On one side are South Korea’s won and Taiwan’s dollar, which ING Groep NV and Westpac Banking Corp. say will weaken as policy makers look to intervene to offset the impact of the falling yen, a result of Kuroda’s policies. On the other are Indonesia’s rupiah and India’s rupee, which they see gaining as investors flee Japan in search of higher yields.