Yen Strength Sends Won-Dollar Rate Lower Amid Intervention Fears

The yen-dollar exchange rate dropped sharply from the 158 yen range to the 155 yen range per dollar in the New York foreign exchange market on September 3 (local time), according to Yonhap.

This move was partly due to wariness over potential intervention by Japanese foreign exchange authorities, which led to the yen showing strength. The won-dollar exchange rate also dropped to the 1,340 won range during intraday trading for the first time in one year and two months, mirroring the movement of the yen.

The Seoul foreign exchange market saw a similar trend on September 4, with the exchange rate of the won against the U.S. dollar trading at 1,350.4 won per dollar as of 3:30 p.m., down 8.9 won from the previous day.