The South Korean government will coordinate actions with the National Pension Service to stabilize the Korean won exchange rate.

As the South Korean won approaches its lowest point in 16 years this week, the South Korean government has promised to coordinate with the National Pension Service to take action to stabilize the exchange rate of the won. The South Korean Ministry of Finance said on Friday that Minister Hong Nam-ki met with the Governor of the Bank of Korea Lee Ju-yeol and officials from financial regulatory agencies. The authorities will closely discuss with major market participants such as the National Pension Service and exporters to formulate measures to address the situation.