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S Korea’s Yoon calls for vigilence over markets as won has worst month in 11 years

SEOUL :South Korean President Yoon Suk-yeol called on Friday for more urgency in dealing with turbulent markets as the won currency’s fall to a 13-1/2-year low heightened fears of capital flight.

He made the remarks at a meeting of economic officials as a weekly opinion poll found his approval rate had fallen to 24 per cent, the joint-lowest level since he took office six months ago.

“We have built a stronger breakwater than in the past in terms of external soundness and already implemented market stabilising measures, but it is time to deal with the situation with a sense of more urgency,” Yoon said at the beginning of the meeting.

It appeared to be indicating imminent intervention in markets and dealers suspected the authorities of “carrying out smoothing operation” of modest intervention, but there was no talk of massive intervention on Friday.

The won managed to end the day’s onshore trading 0.6 per cent higher versus the dollar…

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