Japan and South Korea could coordinate currency intervention, but they may need U.S. support [CNBC]
HSBC Holdings, plc. (HSBC)
US:NYSE Investor Relations:
hsbc.com/investor-relations
Company Research
Source: CNBC
The Japanese yen has hovered around 34-year lows against the U.S. dollar. The currency has struggled, slipping past 150, since the Bank of Japan raised rates in March. Meanwhile, the South Korean won recently slipped to an 18-month low of 1,389.5 against the greenback. Authorities in both countries have called the movement in the currencies “ excessive .” Following that volatility, the U.S. last week acknowledged Japan and South Korea's “serious concerns” over the recent sharp depreciation in their currencies. Treasury said all three sides agreed to “consult closely on foreign exchange market developments.” The comments spurred chatter about possible coordinated currency intervention. That would fit a recent pattern of deeper and wider cooperation between Japan and South Korea, said James Brady, vice president with the political risk advisory team at consulting and advisory firm Teneo. “It is not unreasonable for markets to speculate on coordinated action given the unpreceden
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