Bessent says weak won doesnt reflect Koreas strong economic fundamentals

WASHINGTON — U.S. Treasury Secretary Scott Bessent has said the recent depreciation of the Korean won was not in line with the Asian country’s “strong” economic fundamentals, as he met with Seoul’s Finance Minister Koo Yun-cheol this week, the Treasury Department said Wednesday. During the meeting with Koo on Monday, the secretary also underscored that “excess volatility” in the foreign exchange market is “undesirable,” it said, amid growing concerns in Seoul about the Korean currency having fallen against the U.S. dollar. “Their discussion addressed the recent depreciation of the Korean won, which the secretary noted was not in line with Korea’s strong economic fundamentals,” the department said in a release. “Secretary Bessent emphasized that excess volatility in the foreign exchange market is undesirable, and reaffirmed that Korea’s strong economic performance, especially in key industries that support America’s economy, make it a critical partner for the United States in Asia,” it added. The two sides also discussed the “full” and “faithful” implementation of a bilateral trade and

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