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Yonhap News Summary

Yonhap News Summary 13:30 September 22, 2022

The following is the first summary of major stories moved by Yonhap News Agency on Thursday.

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(LEAD) Won hits over 13-year low against dollar after Fed's rate hike

SEOUL -- The South Korean currency on Thursday sank below the 1,400 mark against the U.S. dollar for the first time in more than 13 years during its intraday trading following the Federal Reserve's rate hike.

The Korean currency was trading at 1,408.90 won against the dollar as of 11:21 a.m., down 14.70 won from the previous session. The won fell to as low as 1,409.20 at one point.

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(News Focus) Won's tumble strengthens case for sharp rate hikes, darkens outlooks for economy

SEOUL -- A recent accelerating slide in the local currency against the U.S. dollar is feared to aggravate uncertainty over the South Korean economy already struggling in the face of galloping inflation, high borrowing costs and worries over slowing growth, observers said Thursday.

The won's sharp depreciation will likely exert upward inflation pressure and increase the cost of borrowing that experts worry could undercut the growth momentum of Asia's fourth largest economy by dampening consumption and corporate investment.

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(LEAD) S. Korea to tackle herd behavior in FX market: finance minister

SEOUL -- South Korea plans to actively deal with herd behavior in the foreign exchange market as speculative bets could accelerate the Korean currency's weakness against the U.S. dollar, the finance minister said Thursday.

Finance Minister Choo Kyung-ho made a verbal warning as the Korean won dipped below the 1,400 mark against the U.S. dollar for the first time in more than 13 years following the Federal Reserve's sharp rate hike.

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(2nd LD) Yoon asks Biden to resolve S. Korea's concerns over Inflation Reduction Act

NEW YORK -- President Yoon Suk-yeol asked U.S. President Joe Biden to resolve South Korea's concerns over the Inflation Reduction Act (IRA), and Biden responded he was well aware of the concerns, Yoon's office said Wednesday.

Biden also said the two sides should continue serious discussions about the matter, the office said in a press release summarizing the presidents' three encounters over the last four days.

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(3rd LD) Yoon, Kishida agree on need to improve bilateral ties by resolving pending issues

NEW YORK -- South Korean President Yoon Suk-yeol and Japanese Prime Minister Fumio Kishida met in New York Wednesday and agreed on the need to improve relations between the two countries by resolving pending issues, the presidential office said.

Their meeting, which took place in New York on the sidelines of the U.N. General Assembly, marked the first one-on-one talks between the leaders of the two nations since December 2019 and raised hope of improving relations badly frayed over wartime forced labor and other issues related to Japan's 1910-45 colonial rule of the Korean Peninsula.

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(LEAD) S. Korea concerned about far-reaching negative impacts of U.S.' EV tax law on bilateral ties

SEOUL/WASHINGTON -- South Korean Industry Minister Lee Chang-yang has voiced worries that the new U.S. law that gives tax benefits only to electric vehicles made in North America will have negative impacts on the overall bilateral ties and urged a swift solution, his office said Thursday.

Lee made the comments during a meeting with U.S. Secretary of Commerce Gina Raimondo held in Washington on Wednesday, according to the Ministry of Trade, Industry and Energy.

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(News Focus) Is Samsung-Arm merger deal possible?

SEOUL -- British chip designer Arm is the talk of the town -- again -- in South Korea, as it emerged as Samsung Electronics Co.'s potential merger and acquisition target.

Samsung Electronics Vice Chairman Lee Jae-yong said Wednesday that SoftBank Group Corp. CEO Masayoshi Son will visit South Korea next month to talk about a potential partnership or a deal.

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(LEAD) N. Korea's military says it has never exported weapons to Russia

SEOUL -- North Korea's military said Thursday it has never exported weapons to Russia and does not plan to do so, according to its state media, rejecting accusations of arms trade between the two countries.

Earlier this month, a U.S. state department spokesperson said Russia may be in the process of purchasing "millions of rockets and artillery shells" from North Korea, which would violate multiple U.N. Security Council (UNSC) resolutions on the North.
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