In light of the recent exchange rate hovering around 1,500 won to the dollar, senior officials from the U.S. and South Korea have agreed to enhance communication to address the weakness of the Korean won.
According to foreign exchange authorities, Deputy Minister of Finance Moon Ji-sung departed for Washington, D.C., on June 12 and returned on June 14.
During his visit, Moon met with senior officials from the U.S. Treasury to discuss recent trends in the foreign exchange market.
Moon emphasized that, considering the solid fundamentals of the South Korean economy, particularly the favorable conditions in the semiconductor industry, the recent depreciation of the won is difficult to justify and appears excessive.
Additionally, both sides have agreed to maintain close communication and cooperation to counter the pressures on the won. However, a Ministry of Finance official stated, "We cannot disclose specific details regarding the discussions during the visit."
* This article has been translated by AI.
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