MK Business News Logo
Sunday, February 01, 2015 search icon
검색 search
Top Stories
Opinion Editorial
Subscribe to MK English Newsletter
World Knowledge Forum

Home > mk Business News 프린트 이메일 전송 리스트
Strengthened fundamentals, buffer needed to counter weakening yen: finance minister
2013.05.20 17:51:06 | 2013.05.20 17:51:42

[Strengthened fundamentals, buffer needed to counter weakening yen: finance minister] 기사의 본문 이미지

South Korean Deputy Prime Minister and Finance Minister Hyun Oh-seok said, “to tackle the depreciation of the Japanese yen, the first priority for domestic companies is to enhance competitiveness, but it is equally important to have a tool that cushions the impact.” The Korean won has been weakening more slowly than the yen, making the won relatively stronger than the Japanese currency. But he stressed the government will not sit idle, as it “does not consider the yen’s depreciation will end anytime soon.” This is an unprecedented comment from the finance minister, who had remained cautious about the government’s intervention in the foreign exchange (FX) market.

“Unless the won becomes a key currency, the Korean economy will not be spared from fluctuations of the yen’s value or the global FX market. So, it is desirable to cope with such external impact with economic policies, investment or productivity improvement,” said the finance minister at a press conference Monday. “But such basic countermeasures should be accompanied by an instrument to buffer the impact.”

Deputy Prime Minister had previously said the government’s intervention should be limited to supporting small and medium-sized exporters. But today’s comment is seen as a message to the market that the authorities could provide additional measures, including intervening in the FX market.

As for the current cap on forward exchange position, FX macro-prudential levy, and taxation on foreign bond investment, finance minister Hyun flatly said the three measures are macroeconomic policies and thus irrelevant with a counter response to the weaker yen. Minister Hyun said “there won’t be an announcement of extra measures.”

[Written by Shin Hyun-kyu, Chung Suk-ooh]

[ⓒ Maeil Business Newspaper &, All rights reserved]

Korean View
현오석 부총리, "엔低 충격완화 장치 마련해야"
이례적 시장개입 시사

현오석 경제부총리는 엔저 현상에 대해 "기업 경쟁력 확대가 기본 대책이지만 충격에 대한 완화 장치도 마련해야 한다"고 말했다.

특히 그는 최근 원화가치가 떨어지는 속도가 엔화 절하보다 느리기 때문에 엔화 대비 원화가치가 계속 올라가고 있는 것에 대해 "정부는 이를 절대 지나가는 현상으로 받아들이지 않고 있다는 것을 분명히 말씀드린다"고 밝혔다.

환율과 관련해 말을 아껴왔던 현 부총리가 엔저에 대해 이례적으로 강경 발언을 한 것이다.

현 부총리는 20일 세종시 기획재정부 청사에서 기자간담회를 열고 "원화가 기축통화가 아닌 한 우리나라는 ..

경제용어사전 프린트 이메일 전송 리스트

PDF list
Fri, Jan 30, 2015
Latest News
Korean Air chief takes stand at ‘nut..
Gov’t to launch dialogue process for..
Presidential office’s official refut..
Key of labor market reform lies in re..
Samsung to buy back helicopter and je..
Big companies suffer from pressure fr..
Gov’t decision-making lacks principl..
Gov’t mulls closing Nat’l Cultural ..
Samsung mulls overhauling performance..
90 industrial complexes nationwide ho..
Press Releases&Speeches
[Press Release] Monthly Industrial St..
[Press Release] Interest Rates: Decem..
Today Vocab&Phases
[02/02 Mon] Base period
amorous, colloquial

Terms of Use | Advertise With Us | Privacy Policy | Copyright Policy | Contact Us | Unauthorized collection of e-mail addresses disapproved
Copyrightⓒ 2009 Maeil Business Newspaper & MK Inc. All rights reserved.