South Korea Steps Up FX Defense as Won Hits 2009 Lows

South Korean policymakers held an emergency meeting and pledged to take tough measures against speculative foreign exchange activity, according to BNY's Bob Savage. The move comes as USD/KRW trades at its weakest level since 2009, putting pressure on the won.

The National Pension Service has also resumed forward FX selling under a higher hedge ratio, adding to the government's efforts to stabilize the currency. These steps signal a more aggressive stance by Seoul to defend the won amid ongoing depreciation pressures.