Won Climbs Higher Against Yen

The Korean won continues to strengthen rapidly against the Japanese yen, threatening to further erode the price competitiveness of Korean exporters against their Japanese rivals.

The won traded at W999.62 per 100 yen just after the foreign exchange market opened Monday, the first time in five years and three months that it crossed the W1,000 line.

A staffer at Foreign Exchange Bank displays Japanese yen at headquarters in Myeong-dong, Seoul on Monday. /News 1 A staffer at Foreign Exchange Bank displays Japanese yen at headquarters in Myeong-dong, Seoul on Monday. /News 1

According to the Bank of Korea, the impact on Korean exporters is already visible. In the third quarter, Korean companies saw sales drop 0.1 percent compared to the same period of 2012. The BOK said this shows that the strengthening won is causing the profitability of domestic businesses to deteriorate.

englishnews@chosun.com / Dec. 31, 2013 10:31 KST