South Korea Issues Rare Warning After Won Hits 1,400 Per Dollar

South Korean authorities issued a rare warning to participants in the foreign-exchange market after the won briefly depreciated to the 1,400 mark against the dollar for the first time since late 2022.

“Foreign exchange authorities are closely watching exchange rate movements, supply and demand dynamics in the foreign exchange market and other factors with special vigilance,” according to a joint text message from Shin Joong-beom, director general for the finance minstry’s international finance bureau and Oh Kum-hwa, director general of the Bank of Korea’s international department.