Lee Chang-yong, the former governor of the Bank of Korea, said that there is no need for people to worry too much about short-term fluctuations in the Korean won; the South Korean economy has undergone structural changes, making the won more resilient than before. In an interview on Wednesday, Lee Chang-yong said, “We are no longer a net debtor country, but a net creditor country in the international market, so the situation has changed. When the exchange rate fluctuates to a certain level, we don't need to panic.” When asked about the recent joint support for the yen between the US and Japan, Lee Chang-yong said that he was surprised that European countries were excluded from discussions and called for greater policy coordination. “Because of the size of the international capital market, I don't think even large countries can deal with these problems alone,” he said. He pointed out that the South Korean authorities must adopt a different strategy. “As far as a small economy like ours is concerned, I think policy makers must remain humble,” Lee Chang-yong said. “All I can do is calm market fluctuations, but I can't influence exchange rate movements. This can only be achieved through fundamental policy adjustments.”

Lee Chang-yong, the former governor of the Bank of Korea, said that there is no need for people to worry too much about short-term fluctuations in the Korean won; the South Korean economy has undergone structural changes, making the won more resilient than before. In an interview on Wednesday, Lee Chang-yong said, “We are no longer a net debtor country, but a net creditor country in the international market, so the situation has changed. When the exchange rate fluctuates to a certain level, we don't need to panic.” When asked about the recent joint support for the yen between the US and Japan, Lee Chang-yong said that he was surprised that European countries were excluded from discussions and called for greater policy coordination. “Because of the size of the international capital market, I don't think even large countries can deal with these problems alone,” he said. He pointed out that the South Korean authorities must adopt a different strategy. “As far as a small economy like ours is concerned, I think policy makers must remain humble,” Lee Chang-yong said. “All I can do is calm market fluctuations, but I can't influence exchange rate movements. This can only be achieved through fundamental policy adjustments.”