(Corrects day when won hit over 5-year highs against dollar and
yen to Thursday, not Monday)
SEOUL Jan 3 South Korea is closely watching the
won's exchange rate movements and the ongoing
depreciation of the yen, Finance Minister Hyun Oh-seok
said, adding to a series of comments about the Japanese
"We are closely monitoring market volatility," Hyun told
reporters late Thursday when asked about the latest developments
in the yen's depreciation. His remarks were embargoed for
publication until Friday morning.
The won touched its strongest level in more than five years
against the dollar and the yen on Thursday, which
sent stocks of major exporters such as Samsung Electronics Co
and Hyundai Motor Co tumbling on
concerns that local exporters' earnings would suffer.
The local currency was quoted at 1,052.1 against
the dollar as of 0012 GMT, compared with Thursday's domestic
closing level of 1,050.3. Dealers suspected that local
authorities bought dollars on Thursday in a bid to slow the pace
of the won's appreciation.
(Reporting by Se Young Lee; Editing by Eric Meijer)