USD/KRW only dipped briefly as the South Korean Finance Minister delivered a fresh round of verbal jawboning ('USD/KRW rising fast' and will take steps if moves are one-sided were the quotes). The pair dipped under 1395, before edging to fresh cyclical highs around 1396.50.
- The authorities may get more pro-active around 1400, or if we see a sharp break through this level.
- Not helping are higher USD/JPY levels (+0.20% to 143.35/40), while UST yields have also ticked higher a touch. The Kospi is down slightly for the session.