Weakening Yen Poses Threat to Korean Exporters

  • Arirang News

    December 02, 2013 11:46

    The weakening Japanese yen is placing an increasing strain on Korean exporters as they continue to lose price competitiveness against their Japanese counterparts.

    The yen now stands at over 100 against the U.S. dollar and industry sources on Sunday forecast it will weaken to 110 a year from now.

    The auto industry is being hit hardest. Toyota and Honda saw their sales to the U.S. increase by over 8 percent during the first 10 months of this year, but Hyundai Motor and Kia Motors saw sales drop nearly 1 percent over the same period.

    The steel industry has also expressed concern that its Japanese rivals may start to nibble into Korea's major export markets in Southeast Asia by offering lower prices.

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