依傍日元，韩元有望摆脱颓势

Core Insights - The appreciation of the Japanese yen may positively impact the South Korean won, as the correlation between the two currencies is at its highest level since 2007 [1][4] - The South Korean won has been the worst-performing currency in Asia this quarter, with a decline of over 4% against the US dollar [4] - The correlation coefficient between the won and yen has risen to 0.55, indicating a strong relationship, while the correlation with the Chinese yuan stands at 0.48 [4] Currency Dynamics - The yen's recent rebound from a 10-month low is expected to support the won, especially as investors anticipate further yen appreciation [4] - The relationship between the yen and won is influenced by US interest rates and global risk sentiment, with a higher beta coefficient for the won compared to the yuan [1][4] - Market expectations of a potential interest rate hike by the Bank of Japan could lead to a decline in the dollar-yen exchange rate, further increasing upward pressure on the yen [4]