Many South Koreans Affected by Weak Japanese Yen
kpopluv, May 27, 2015, 9:28 a.m.
Some 56 percent of Korean exporters have suffered losses due to the weak Japanese yen, a straw poll suggests. The Korea Chamber of Commerce and Industry on Tuesday released the results of survey of 300 exporters.
Seventy percent of the companies surveyed said there is nothing they can do to deal with the impact of the weak yen. The steel, petrochemical, machinery, food, automobile and shipbuilding industries were hit hardest.
Exporters said an exchange rate of W924 to 100 yen is the limit they could endure, but the rate was W900 on Tuesday. Steelmakers cited W963 as their Maginot line, while food companies said W943.
Jeon Su-bong at KCCI said, "Korea needs to streamline its business structure and strive to boost the competitiveness of exports just as Japanese companies did when the yen was strong."