Yen, Won Trading in TandemThe won ended trading Monday on Seoul's foreign exchange market with a slight gain, at 1,314 won per U.S. dollar, 1.6 won per dollar more valuable last Friday. The market started off two won higher than Friday at 1,315 won and traded throughout the day in lockstep with the Japanese won.
The yen went as low as 121 yen before Seoul's market opened but jumped to 122.35 yen to one U.S. dollar as Japanese investors started selling the yen in order to purchase Euro-denominated bonds. The movement in the yen was reflected in the won, which traded between 1,311.30 won to 1,318.90 won.
"The exchange rate between the won and U.S. dollar is continuing to show signs of following the yen," a market official said. "The amount of investments made by foreigners in the stock market will act as another variable in the exchange rate."
More in Finance
Stocks rise for a fifth day on recovery optimism
Daily transaction record broken as Kospi jumps up 2.87 percent
Over 100 companies express interest in MyData services
Private equity booms, and is looking for some bargains
Recession in 2020, central bank statistics suggest