South Korean Finance Minister Choo Kyung-ho said on Thursday that they “will take action on FXmarket if needed.”

He added that the government is “closely monitoring the market.”

South Korea is resorting to verbal intervention, adopting Japan’s apporach to stem the declines in their local currencies.

Market reaction

USD/KRW was last seen trading at 1,385.91, 0.31% higher on the day. South Korean officials are coming to the rescue of the won (KRW) as it slumps to the weakest level since March 2009 against the US dollar.