Korean won's earlier slide 'out of line' with fundamentals: finance minister韩国财政部长：韩元早前的下跌“脱离基本面”。
BANGKOK, Oct. 19 (Yonhap) -- The Korean won's sharp decline against the U.S. dol...
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BANGKOK, Oct. 19 (Yonhap) -- The Korean won's sharp decline against the U.S. dollar earlier this year was "out of line" with the country's strong economic fundamentals, the finance minister has said.
Finance Minister Lee Hyoung-il made the assessment during a meeting with reporters in Bangkok on Friday, after the won recently strengthened to a two-year high against the U.S. dollar at 1,330-won levels, compared with around 1,550 won in July.
"The levels observed (in July) were rather out of line with our economic fundamentals," Lee said.
The finance minister thus said the exchange rate is "moving into line" with South Korea's economic fundamentals.
"We will continue to closely monitor the situation, as external conditions could change," he added.
Finance Minister Lee Hyoung-il speaks during a session with reporters at Queen Sirikit National Convention Center in Bangkok on Oct. 16, 2026, in this photo released by the Ministry of Finance and Economy. (PHOTO NOT FOR SALE) (Yonhap)
Asked whether exchange rate movements could affect revenue projections in next year's budget proposal, Lee said they do not call for a revision in the forecast at this stage.
"Our corporate tax revenue estimates already place considerable weight on chipmakers' performance," Lee said. "But since we have taken both upside and downside factors into account, I don't think the current situation calls for a change in the tax revenue forecast."
The finance minister added a currency swap arrangement between South Korea and the United States could serve as a "robust safety net" for Seoul's foreign exchange market, noting such an arrangement would be "meaningful and necessary" in this context.
Lee, however, stressed his remarks did not mean South Korea needed a swap arrangement because of foreign currency liquidity constraints. Rather, he said the country could seek such arrangements in line with levels in other advanced economies.
Finance Minister Lee Hyoung-il (C) speaks during a session with reporters at Queen Sirikit National Convention Center in Bangkok on Oct. 16, 2026, in this photo released by the Ministry of Finance and Economy. (PHOTO NOT FOR SALE) (Yonhap)
Turning to the South Korean stock market, whose main index recently slipped to the 5,000 range after surpassing 9,000 for the first time in June, Lee said the country's economic fundamentals remain sound.
"The stock market appears to undergo corrections amid concerns over more frequent rises in global interest rates than expected, questions about the sustainability of returns on AI and semiconductor investment and geopolitical risks, including those in the Middle East," he pointed out.
"The chip industry accounts for a particularly large share of the South Korean market, so (such concerns) have weighed more heavily on it," the top economic policymaker said.
Lee said the government is closely monitoring the market and stands ready to take market stabilization measures if necessary, depending on market conditions. He declined to elaborate, saying disclosing specific measures in advance could undermine their effectiveness.
Lee also stressed the need to enhance the competitiveness of the South Korean stock market and identify new growth engines beyond semiconductors.
"Beyond semiconductors, our fundamental task is to find new sources of growth through the seven SEED projects, the K-GX initiative and the services sector," Lee said.
SEED stands for Strategic Emerging Engines for Disruptive Innovation and covers areas such as small modular reactors (SMRs), nuclear fusion and renewable energy. K-GX refers to the Korea Green Transformation initiative, which aims to identify new business opportunities while addressing climate change.
Lee said the finance ministry had reached out to partners with experience in operating sovereign wealth funds, including Saudi Arabia and Singapore.
Earlier this year, South Korea unveiled plans to launch a new sovereign wealth fund next year to make long-term investments in cutting-edge and strategic industries.
The new fund, set to launch with at least 20 trillion won (US$14.9 billion), will be established through a new account under the Korea Investment Corp.
"The partners welcomed South Korea's move to launch a sovereign wealth fund," Lee said, adding it would open opportunities for joint investment.
The minister, however, said no concrete arrangements for regular meetings or a separate dialogue channel had been discussed, as the fund has yet to be established.
Regarding the government's plan to tax cryptocurrency starting next year, Lee said his ministry is gathering opinions amid criticism of the plan, without elaborating.
Finance Minister Lee Hyoung-il (R) speaks during a session with reporters at Queen Sirikit National Convention Center in Bangkok on Oct. 16, 2026, in this photo released by the Ministry of Finance and Economy. (PHOTO NOT FOR SALE) (Yonhap)
colin@yna.co.kr (END)
Korean won's earlier slide 'out of line' with fundamentals: finance minister
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曼谷，10 月 19 日（韩联社）——韩国财政部长表示，今年早些时候韩元对美元的大幅贬值与该国强劲的经济基本面“不符”。
韩国财政部长李亨日周五在曼谷与记者会面时作出了上述评估。此前，韩元兑美元汇率近期升至两年来的最高点，达到 1330 韩元，而 7 月份的汇率约为 1550 韩元。
李说：“7月份观察到的水平与我们的经济基本面相当不符。”
因此，财政部长表示，汇率正在“与韩国的经济基本面保持一致”。
“我们将继续密切关注局势，因为外部情况可能会发生变化，”他补充道。
2026年10月16日，韩国财政部长李亨日在曼谷诗丽吉王后国家会议中心与记者会面。这张照片由韩国财政经济部发布。（照片非卖品）（韩联社）
当被问及汇率波动是否会影响明年预算提案中的收入预测时，李表示，目前阶段他们不要求修改预测。
李表示：“我们对企业税收收入的预测已经相当重视芯片制造商的业绩。但由于我们已经考虑到了上行和下行两种因素，我认为目前的情况不需要改变税收收入预测。”
财政部长补充说，韩国和美国之间的货币互换安排可以作为首尔外汇市场的“强有力的安全网”，并指出在当前背景下，这样的安排是“有意义且必要的”。
然而，李显龙强调，他的言论并非意味着韩国因外汇流动性受限而需要进行货币互换安排。相反，他表示，韩国可以寻求与发达经济体水平相当的此类安排。
2026年10月16日，韩国财政部长李亨日（中）在曼谷诗丽吉王后国家会议中心与记者会面。这张照片由韩国财政经济部发布。（照片非卖品）（韩联社）
谈到韩国股市，其主要指数在6月份首次突破9000点后，最近回落至5000点区间，李表示，该国的经济基本面依然稳健。
他指出：“由于全球利率上涨频率超出预期、人工智能和半导体投资回报的可持续性以及地缘政治风险（包括中东地区的风险）等问题，股市似乎正在经历调整。”
“芯片产业在韩国市场中占据了特别大的份额，因此（此类担忧）对该产业的影响更为严重，”这位最高经济政策制定者表示。
李显龙表示，政府正密切关注市场动态，并随时准备根据市场情况采取必要的市场稳定措施。他拒绝透露更多细节，称提前披露具体措施可能会削弱其效果。
李还强调，需要提高韩国股市的竞争力，并在半导体之外寻找新的增长引擎。
李说：“除了半导体领域，我们的根本任务是通过七个SEED项目、K-GX计划和服务业寻找新的增长点。”
SEED 代表“颠覆性创新战略新兴引擎”，涵盖小型模块化反应堆 (SMR)、核聚变和可再生能源等领域。K-GX 指的是韩国绿色转型计划，旨在应对气候变化的同时，发掘新的商业机遇。
李表示，财政部已与在运营主权财富基金方面有经验的合作伙伴进行了接触，包括沙特阿拉伯和新加坡。
今年早些时候，韩国公布了明年推出新的主权财富基金的计划，旨在对尖端战略产业进行长期投资。
该新基金计划至少启动 20 万亿韩元（149 亿美元），将通过韩国投资公司下属的新账户设立。
李表示：“合作伙伴们对韩国启动主权财富基金的举措表示欢迎”，并补充说，这将为联合投资创造机会。
但部长表示，由于该基金尚未设立，因此尚未讨论定期会议或单独对话渠道的具体安排。
关于政府计划从明年开始对加密货币征税，李表示，鉴于该计划受到批评，他的部门正在收集意见，但没有详细说明。
2026年10月16日，韩国财政部长李亨日（右）在曼谷诗丽吉王后国家会议中心与记者会面。这张照片由韩国财政经济部发布。（照片非卖品）（韩联社）
colin@yna.co.kr (完)
韩国财政部长：韩元早前的下跌“脱离基本面”。