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South Korea’s Won Posts Fourth Weekly Drop as Yen Declines

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The won posted its fourth weekly loss, the longest run of declines since May 2013, amid speculation South Korean authorities will step up intervention to counter the economic impact of a weakening yen.

The yen reached a seven-year low of 118.98 against the dollar yesterday after Japan’s central bank maintained its record stimulus. South Korea’s Vice Finance Minister Joo Hyung Hwan told reporters today that the government continues to monitor markets, when asked about the yen’s decline. The won rose today as the yen halted a six-day slide after Japan’s Finance Minister Taro Aso said it had weakened too quickly.