海湖庄园协议魅影！新台币之后，下一个是韩元？

Group 1 - The core viewpoint of the articles indicates that the South Korean won (KRW) has significant appreciation potential, being undervalued by approximately 12% according to Nomura's model, making it one of the most undervalued currencies among emerging markets and G10 currencies [1][3][4] - The discussions between South Korean and U.S. officials regarding the KRW/USD exchange rate suggest that the U.S. government may favor a weaker dollar, potentially making exchange rates a key topic in upcoming trade negotiations [2][3] - The South Korean National Pension Service (NPS) may increase its foreign exchange hedging ratio, which could significantly boost demand for the KRW, especially if the NPS raises its overseas investment hedging ratio to 10% [1][4] Group 2 - Basic economic factors also support the appreciation of the KRW, as various models indicate that the currency remains undervalued, reinforcing the notion that external pressures are not the sole drivers of its potential rise [3][4] - The potential for foreign investment outflows or currency hedging by asset management firms, which manage approximately $1.3 trillion, poses a risk that could further influence the KRW's value [4] - As of May 9, 2025, South Korean retail investors have a total overseas investment of $139 billion, with indications that they are selling overseas assets due to concerns over a weakening dollar, which could impact the KRW [4]