突然！货币战争，紧急出手！

Group 1 - The South Korean government held an emergency meeting on December 14 to address the ongoing depreciation of the Korean won, which has reached its highest monthly average since the financial crisis, surpassing 1470 won per dollar [2][3]. - The meeting included a wide range of participants beyond the usual foreign exchange authorities, indicating a comprehensive approach to assess factors affecting foreign exchange supply and demand, such as overseas investments by the National Pension Service [5]. - Concerns have been raised by policymakers regarding the weakening of the won, particularly as the interest rate differential between South Korea and the U.S. remains at a historically high level, which could lead to further depreciation of the currency [6]. Group 2 - Analysts suggest that if the won continues to weaken and approaches the psychologically significant level of 1500 won per dollar, South Korea may increase its intervention efforts in the foreign exchange market [6]. - The National Pension Service, as the largest institutional investor in South Korea with overseas assets of approximately $545 billion, has previously engaged in currency hedging to support the won, indicating its potential role in stabilizing the currency [6][7]. - The expectation of year-end currency management by foreign exchange authorities is rising, particularly in light of thin market liquidity during this period [7].