South Korea and Japan Unite in Rare Forex Intervention

South Korea's foreign exchange authorities made an unexpected move by conducting a rare dollar-selling intervention on Thursday. The move was done in conjunction with Japan's yen-buying, dollar-selling market intervention, which saw the yen plunge to four-decade lows.

The Korean won strengthened 2% to its strongest level since October 20 at 1,418.0 per dollar, marking a significant turnaround from its 17-year low of 1,561.50 hit last month.

Japan's chief foreign exchange diplomat, Mimura, acknowledged concerns regarding the recent depreciation of the yen and announced discussions extending beyond the United States.