The Korea Importers Association (KOIMA) urged the South Korean government to formulate countermeasures to the Korean won’s appreciation against the Japanese yen Tuesday.
In the statement released on this day, the KOIMA said “unlimited easing monetary policy pushed for by the Japanese government prompted the yen to weaken. This can disrupt the order of international transactions and distort trade structure of our industry.”
“The weakening yen against the won is hurting companies in other countries and can even trigger currency war, resulting in interruption of international trade and finance. Regrettably, the Korean government has not expressed any willingness to cooperate with relevant countries,” said the KOIMA. “We call for the Korean government to review countermeasures.”
“Yen’s steep depreciation could prove useful for domestic prices and some companies to boost their competitiveness over a short term,” said the KOIMA. “But it is more crucial to bring the disrupted trade to order and help companies engage in management based on a stable outlook in a mid- to long-term.”
The KOIMA has 8,000 domestic member companies and 60,000 partners and clients.
[Written by Chae-soo Hwan - Jieun Lee, Sun-ah Kim]
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