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South Korea's KOSPI Surge Triggers Currency Crisis as Foreign Investors Unwind Positions

2026-06-05 11:02:43

South Korea's benchmark KOSPI index, which surged 105% in local currency terms since the start of 2026, attracted massive foreign inflows. However, recent profit-taking by international investors has sparked a currency crisis. The Korean won and government bonds tumbled in recent days, with the stock market plunging further on Friday. According to JPMorgan analysts, foreign outflows may reflect concentration limits among emerging market investors. As investors liquidate holdings and convert won to other currencies, selling pressure mounts on the currency. On Friday, South Korea's government vowed to take action against excessive volatility, signaling potential market intervention to defend the won.

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