Korean Won Surges Past 14-Month High Against Dollar on Yen Strength

The Korean won has reached its highest level against the US dollar in nearly 14 months, as the yen's strength weighed on the greenback.

The exchange rate saw a significant increase, with the won quoted at 1,359.3 per dollar at 3:30 pm, up 9.4 won from the previous close.

This marks the first time since July 3 last year that the won has surpassed the 1,360 level against the dollar.

The won's advance was partly due to market expectations of potential intervention by Japan's financial authorities to support the yen, which reached its highest level since August 7.