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Alarm bells are ringing all over Asia this week as yen touched thirteen year low against dollar at 125.
Bells are hitting loudest in South Korea another export oriented economy, similar to Japan as Won hit below 9 mark against Yen.
Weaker exchange rate in emerging market economies since FED sounded taper alarm in 2013, has been hurting South Korean exports.
- Russian Rouble is down by more than 50% in last few years, Indonesian Rupiah has lost more third of its value. Brazilian Real, Mexican Peso all have depreciated heavily against dollar and South Korean Won is down by just about 8% in last one year.
- However, Japanese massive easing which is leading Yen weaker has been hurting the most to South Korean exports, making them less competitive in global market. In April South Korean exports dropped by 11%, its worst decline since 2008/09 crisis.
Indian central bank has reduced rates for the third time this year which has weakened INR against developed market counterparts.
If Yen depreciates further South Korean officials now have little choice but to take action to devalue Korean Won by reducing rates further. Chinese will likely be following suit as weaker Yen has been hurting their exports too.
