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 article is 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 discussion between South Korea's Deputy Finance Minister and the U.S. Treasury Assistant Secretary regarding the USD/KRW market indicates that the Trump administration may favor a weaker dollar, potentially making exchange rates a key topic in upcoming trade negotiations [2][3] - The potential increase in foreign exchange hedging by the National Pension Service (NPS) could lead to a substantial rise in demand for the won, as NPS could raise its foreign exchange hedging ratio to 10% of its overseas investments, which amounts to a potential foreign exchange sale of $49.7 billion [4][5] Group 2 - Basic economic factors also support the appreciation of the won, with various models indicating that the won is persistently undervalued, reinforcing the notion that external pressures are not the only drivers of its potential rise [3][4] - There are risks associated with foreign investment sell-offs or repatriation, as South Korean retail investors have significant overseas investments and may begin to liquidate assets due to concerns over a weakening dollar [5] - The asset management industry in South Korea, with a total asset management scale of $1.3 trillion, may also increase foreign exchange hedging, further contributing to upward pressure on the won [5]