Won Nears 17-Year Low, Testing Korea’s Intervention Resolve

The South Korean won extended its decline toward its weakest level since the global financial crisis, intensifying pressure on authorities to defend the currency as local investors shift funds overseas.

The currency slipped as much as 0.2% on Wednesday to 1,479.15 won per dollar, on track for a ten-day losing streak and nearing its lowest level since March 2009. Following the slide, Finance Minister Koo Yun Cheol said the government will focus on improving economic fundamentals, “short-term market measures, and flow management” to curb excessive one-way moves in the won.