South Korea to Open 24-Hour FX Market

President Lee Jae Myung announced South Korea will open its foreign-exchange market to around-the-clock trading and ease won transaction rules for non-residents to improve foreign access and boost liquidity. The Finance Ministry and Bank of Korea plan to build a 24-hour foreign-exchange computer network and permit offshore won transactions, steps that officials say require regulatory changes but not parliamentary approval, according to Kim Jae-hwan. Officials said the reforms aim to address the lack of an offshore won market—a key reason MSCI still classifies Korea as an emerging market—and to improve price discovery, deepen the FX market, increase transparency, and attract more foreign participation. Implementation guidelines are expected in the coming months or next year. The announcement comes amid stalled U.S. trade talks over a $350 billion investment package and recent won weakness, with the currency trading around 1,410.8 per U.S. dollar.