Won Jumps After Korea Vows ‘Strong Determination’ Over Currency

South Korea said excessive won weakness isn’t desirable and foreign-exchange markets will soon see the government’s strong determination. The currency strengthened.

The authorities said they had held a number of meetings over the last one-to-two weeks to discuss the won’s recent weakness, according to a joint text message from the Bank of Korea and the finance ministry.

The currency gained as much as 0.9% after the message to 1,467.50 per dollar. That was after it had depreciated to 1,484.65 per dollar on Tuesday, close to weakest level since the global financial crisis in March 2009.