South Korea says the foreign exchange market will soon see the government's firm determination.

South Korea has stated that excessively weak Korean won is not desirable, and the foreign exchange market will soon see the government's strong determination. The Korean won exchange rate has responded by strengthening. A text message jointly sent by the Bank of Korea and the Ministry of Finance stated that authorities have held multiple meetings in the past week or two to discuss the recent weakening of the Korean won. Following the announcement, the Korean won rose by 0.9% against the US dollar to 1,467.50 at one point. The exchange rate had previously fallen to as low as 1,484.65 on Tuesday, close to the lowest level since the global financial crisis in March 2009.