It seems the collapse of the USD is quickly spreading; the Korean Won has become the latest currency to cash in on the sagging Dollar. As with regard to other currencies that have risen against the Dollar, forex analysts are not attributing the Won's rise to strength in the Korean economy, but rather weakness in the US economy. It is also worth noting that previously, when the Won rose sharply against the Dollar, the Korean government moved quickly to intervene in forex markets in a vane attempt to protect the export-dependent Korean economy. However, as the Won inevitably continued to rise, the government incurred massive losses, essentially for naught. As a result, analysts expect the Korean government to remain on the sidelines this time around. The Korea Times reports:
"Other than verbal intervention, it will be difficult for the government to actually meddle in the market to help stop the won's appreciation."