Won at 1,520: Korea Enters 1,500-Won Era — BOK in Focus
I think May 25, 2026 — Seoul. The Korean won touched 1,518 per U.S. dollar in intraday trading last week, closing above 1,510 for the first time since the immediate aftermath of the 1997 Asian financial crisis, when the won briefly spiked to 1,965. The won has weakened 9.2% against the dollar this year, making it the worst-performing major Asian currency in 2026. For a country that exports more than 40% of its GDP, a weak currency is a double-edged sword: it boosts the competitiveness of exporters like Samsung and Hyundai, but it also inflates the cost of imported energy and food, squeezes households with dollar-denominated debt, and raises uncomfortable questions about capital flight. On Thursday, May 28, newly appointed Bank of Korea Governor Shin Hyun-song will preside over his first Monetary Policy Board meeting, and the financial world is watching. The 1,500-Won Era: How We Got Here I've been tracking this — The won's depreciation is not a sudden event. It is the...