South korea: South Korea's financial authorities on Wednesday initiated probes into possible unfair trading activities in the foreign exchange market, addressing the Korean won's recent sharp slide against the greenback.

According to Yonhap News Agency, the Bank of Korea and the Financial Supervisory Service (FSS) will conduct the probe into banks handling foreign currencies. This initiative aligns with the government's efforts to stabilize the market, as stated by the Ministry of Finance and Economy. The South Korean won has remained above the 1,500-won level for the 16th consecutive session through Tuesday.

"The investigation will examine whether there have been activities that disrupted stability in the foreign exchange market with the intent to gain unfair profits through manipulating or fixing exchange rates," the ministry said in a release. The financial authorities have indicated that they plan to take stern measures should they identify illegal activities by the banks.

On Sunday, South Korea's top financial policymakers emphasized that the government "will not tolerate excessive volatility or one-sided market concentration."