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The Korean won is falling.It exceeded 1,240 won. The reason that Japan must not make promises with the new Korean president prematurely .

2022-03-15  Category:South Korea

The Korean won is falling.It exceeded 1,240 won. The reason that Japan must not make promises with the new Korean president prematurely .

Photo by National Missile Defense image (licensed under CC0 1.0)

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The won's depreciation has not stopped, and there are many uncertainties

The won fell to 1,243 won against the dollar.If the Fed raises interest rates in real terms, it will fall further.The main reason is that Russia's economic prospects are pessimistic. And Yoon Seok-yeol won the presidential election on March 9 and became president on May 10.Yoon called for strengthening the U.S.-South Korea alliance and mentioned the deployment of THAAD.China accounted for 24.8 percent of Korea's exports, twice as much as the U.S., the second largest exporter.When the Park Geun Hye administration decided to deploy THAAD, China imposed severe economic sanctions.China's economic sanctions are only pessimistic for investors, so Korean investment is likely to rise further and the won is likely to fall further.

Next time, South Korea will break its promise with China

The Moon Jae In administration has made a promise with China that it will not be included in the U.S. missile defense system, and that the U.S.-Japan security cooperation will not develop into a military alliance,and that the THAAD, which has already been deployed in South Korea without additional THAAD deployment, will not harm China's security.In other words, economic sanctions will inevitably be imposed if South Korea break their promise to China.The Democratic Party has 58 percent of the seats in the ruling party, and domestic opposition is likely to be strong.If the won depreciates further, there will be more material to attack the president.

It's too early to get excited about improving Japan-South Korea relations

In Japan, it is reported that the president, who wants to improve Japan-South Korea relations, took office, but the environment is not that good.Even if the new president makes a simple promise between Korea and Japan, it is highly likely that Korean public opinion and parliament will not be able to fulfill it.On the contrary, if the won-dollar exchange rate exceeds 1,300 won, it will be out of control and even default again.



POINT

All promises made in Japan and South Korea have been broken every time the president changes.The Japanese government should observe it a little calmly without rushing to achieve mere diplomatic results.