深陷贬值风暴，日韩打响“货币保卫战”

Core Insights - By the end of 2025, the global foreign exchange market is experiencing significant changes, with notable divergence in Asian currency trends [1] - The Chinese yuan is showing a strong rebound, while the Japanese yen and South Korean won are facing severe depreciation against the US dollar, with declines exceeding the rise of the dollar index during the same period [1] - In response to unprecedented currency depreciation pressures, authorities in Japan and South Korea have been actively engaging in a "currency defense war" through verbal warnings and policy adjustments to stabilize the foreign exchange market [1]