日元韩元正比谁更惨？亚洲经济体打响货币保卫战

Core Viewpoint - The article discusses the significant depreciation of Asian currencies, particularly the Japanese yen and South Korean won, against the backdrop of a strengthening US dollar and increasing global market volatility [1][6]. Currency Depreciation - The Japanese yen has notably weakened, with the USD/JPY exchange rate surpassing 157, marking a new high since January [1]. - The nominal effective exchange rate index for the yen has dropped by 3% since the end of September, the largest decline among G10 currencies [3]. - The South Korean won has also faced substantial selling pressure, depreciating approximately 3% over the past month [3]. Government Responses - Japanese Finance Minister Shunichi Suzuki has emphasized the need to monitor market trends closely and manage policies to achieve stable inflation and sustainable economic growth [3]. - South Korean officials have expressed concerns over the uncertainty in the foreign exchange market and indicated plans to defend the won's value through collaboration with major market participants [3]. Broader Asian Currency Trends - Other Asian currencies, such as the Indian rupee and Philippine peso, have also experienced significant depreciation, with the rupee falling over 3% this year due to external pressures [4]. - The Indian central bank has been actively intervening in the market to prevent the rupee from breaching historical lows [4]. Foreign Exchange Reserves - Asian economies currently hold substantial foreign exchange reserves, totaling nearly $8 trillion, providing a buffer against currency depreciation [6][7]. - Major central banks in the region have increased their reserves by over $400 billion this year, with China and Japan leading in reserve growth [6]. Market Dynamics - The depreciation of Asian currencies is closely linked to the rebound of the US dollar and shifts in global monetary policy, with the Federal Reserve's interest rate outlook impacting currency valuations [6]. - The current import coverage ratio in the Asia-Pacific region remains robust, indicating that countries have sufficient foreign exchange reserves to manage their import needs [7].