Won's Slump Sparks Verbal Intervention From South Korea
Currency pares losses after policy makers pledge action
Korean won is worst performer in Asia so far this year
Jiyeun Lee and Cynthia Kim
South Korea’s policy makers warned movement in the won has been “excessive” and said they will take any necessary action to curb volatility that has driven the currency to the lowest level in more than five years.
The finance ministry and central bank said in a text message that they are concerned about “herd behavior” in the market. The won strengthened about 0.9 percent within minutes of the news.