Won Drops to Five-Year Low Amid Asia Stocks Rout, Korea Tensions
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The won had its weakest close in five-years and South Korean stocks retreated for a sixth day as investors fled Asia and a military standoff with North Korea continued.
The Kospi index of shares fell to the lowest since July 2013 amid a rout that’s erased more than $5 trillion from the value of global stocks since China unexpectedly devalued the yuan. South Korean President Park Geun Hye on Monday demanded the North apologize for placing land mines that maimed two South Korean soldiers on Aug. 4., even as crisis talks dragged on.