The Chinese yuan has surged past the “seven yuan per dollar” mark for the first time in 15 months amid a weaker U.S. dollar, potentially signaling gains for the Korean won, which often moves in step with the yuan.
Shares closed almost unchanged Monday as investors sought profits amid increased uncertainties. The won increased against the dollar.
With yen depreciation looming under Prime Minister Sanae Takaichi, Korea faces a widening travel deficit as trips to Japan become cheaper.
The Australian and New Zealand dollars looked to be heading for a weekly loss on Friday as their U.S. counterpart benefited from a broad rally, though the Aussie could still celebrate its best week against the Japanese yen in more than a year.
More than 10 million air passengers traveled on routes between Korea and Japan in the January-May period, despite the strengthening yen, the Transport Ministry said Sunday.
Japan's ruling party chief Itusnori Onodera calls for a stronger yen, emphasizing industrial competitiveness, while opposing the use of U.S. Treasury holdings in trade negotiations.
As the won-yen exchange rate exceeded 1,000 won per 100 yen for the first time in two years, hundreds of anxious Korean travelers took to online forums voicing their concerns about the potential end of the discounted yen era.
Asian shares nosedived on Monday after the meltdown Friday on Wall Street over U.S. President Donald Trump's tariff hikes and the resulting backlash from Beijing.
An Hana Bank employee checks yen and dollar sat Hana Bank's Counterfeit Notes Response Center in Jung District, central Seoul. The yen-to-dollar exchange rate stands at 155 yen, marking a record low for the first time in 34 years.
Korea JoongAng Daily Sitemap
