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CURRENCY IS NOT SOMETHING TO BE LEFT TO MARKET: S KOREAN MINISTER.
SEOUL, March 3 Asia Pulse - The South Korean government could take action "if necessary" to defend the nation's currency by playing a part in the foreign exchange market, a top economic policymaker hinted Friday.
"I think there is no country in the world that leaves currency completely to market players," Strategic Planning and Finance Minister Kang Man-soo told reporters at a press conference.
It was Kang's first press conference after his inauguration earlier in the day as the head of the newly launched ministry that will take charge of the nation's budget and other macro-economic affairs.
Citing the 1985 Plaza Accord in which five countries including the U.S. agreed to depreciate the greenback against the Japanese yen and the German Deutsche mark by almost half, Kang asked, "Do you think the agreement was made by market?"
He added, "I believe it was a U.S. move to defend its currency as economic sovereignty."
During the hour-long meeting, Kang also touched on many economy-related issues. Among other things, he reassured reporters that his ministry will push for easing tax burdens to strengthen the nation's competitiveness against other countries.
"Less corporate tax will encourage business owners to pay more bonuses to their workers, which will result in more consumption and eventually lead to more income for less-rich people. This is all about the ...
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Source: HighBeam Research, CURRENCY IS NOT SOMETHING TO BE LEFT TO MARKET: S KOREAN MINISTER.