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Korea Deeply Affected by the Yen"s Fall

Feb 19,1999
Korea's economy is being deeply affected by the recent fall of the Japanese yen.
The value of the Korean won and the price of shares in the stock market are following the yen's descent. Yet, because the yen is falling faster than the won, exporters of cars and semiconductors are worried about their price competitiveness.
On February 19, in international foreign exchange markets, the value of the Japanese yen fell to around 120 yen per U.S. dollar. This can be attributed to the lowering of interest rates by the Bank of Japan and the news that G7 countries approve of the yen's recent fall.
For the day, in the Korean stock market, the index fell by 14.23 points to 522.18 points. In the domestic f/x market, the value of the won fell to 989.04 won per 100 yen and 1,204 won per U.S. 'greenback'. This level is the lowest since September 3, 1998.
Meanwhile, the government and exporting companies are considering counter measures to the yen's current downward trend. The government is considering inducing the won to fall at the same rate as the Japanese yen.


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