Won Leads Drop in Asian Currencies on Renewed Fed Liftoff Bets

South Korea’s won led declines in Asia on speculation the Federal Reserve will increase borrowing costs by December.

The currency fell the most in more than a month after the Federal Open Market Committee dropped a reference to global risks and referred to its “next meeting” on Dec. 15-16 as it discussed liftoff timing in a statement released Wednesday in Washington, preparing investors for the first interest-rate rise since 2006. Futures contracts show a 48 percent chance the Fed will tighten policy in December compared with 35 percent on Tuesday.