Seoul: A senior South Korean official said Thursday that U.S. Treasury Secretary Scott Bessent's comments on the recent depreciation of the Korean won reflect Washington's recognition of the importance of stable foreign exchange rates in an investment pledge. During a meeting in Washington with visiting Finance Minister Koo Yun-cheol, Bessent noted that the recent weakness of the won was not consistent with South Korea's economic fundamentals. He also emphasized that "excess volatility" in the foreign exchange market is undesirable.

According to Yonhap News Agency, the meeting between the two finance ministers addressed concerns over the steep depreciation of the won. Both parties agreed that maintaining a stable won is crucial for bilateral trade and economic cooperation. In October 2025, Seoul and Washington finalized the details of South Korea's $350 billion investment pledge, made in exchange for the reduction of U.S. tariffs. Under the agreement, South Korea will invest $200 billion in the U.S. through cash installments capped at $20 billion annually.

Bessent's remarks were publicly released on his social media account and through the U.S. Treasury Department. Observers suggest that the public release could be seen as a form of verbal intervention, amid concerns that the won's weakness might impact South Korean companies' U.S. investment plans. When asked if Seoul had requested such intervention, Choi Ji-young, a senior official at the Ministry of Economy and Finance, indicated that it would be inappropriate to describe the situation in that manner.

Choi further stated that there is no necessity to consider a currency swap at present. "A bilateral currency swap is something that can be considered in the event of a foreign exchange crisis," Choi remarked, noting that the dollar supply is more than sufficient. As of 3 p.m., the currency was trading at 1,470.2 won against the dollar, up 3.7 won from the previous session.