Won Surges to 9-Month High on Suspected Seoul-Tokyo Intervention

The South Korean won surged to its strongest level against the dollar in nine months on July 31, with traders speculating that Seoul and Tokyo had coordinated their efforts to stabilize currency markets. The won reached 1,418 per dollar around 6 a.m., its highest point since October 20, 2025, before easing to 1,435 by midday.

The sharp recovery of the Korean currency was attributed to the $26.5 billion listing on Nasdaq of SK hynix's American depositary receipt on July 10, which drew substantial foreign inflows. The won has since gained more than 7 percent from late June crisis-era levels near 1,500 per dollar.

Traders suspected coordinated intervention by South Korean and Japanese authorities after the yen rallied overnight, prompting a dollar tumble from above 163 yen to the 157-yen range before recovering to around 160 yen in Asian trading. Reuters reported that Japanese authorities bought yen and sold dollars in New York trading, while a separate report said South Korean authorities had conducted a rare dollar-selling intervention.