Seoul: South Korean won slumps to new 9-mth low after BOJ chief remarks; shares ease

[SEOUL] The South Korean won fell to a fresh 9-month low on Wednesday, extending losses in the afternoon after the Bank of Japan governor said the benefits of a weaker yen outweighed the costs if it is in line with economic fundamentals.

BOJ Governor Haruhiko Kuroda's comments as well as a Republican victory in the United States' mid-term election pushed the yen to a 7-year low against the dollar, weighing on the won.

The local currency was quoted at 1,083.6 to the dollar at the conclusion of onshore trade on Wednesday, compared with Tuesday's closing rate of 1,076.5.

South Korean shares drifted lower after trading across a tight range on Wednesday, with market players awaiting the results of a European Central Bank policy meeting set to take place on Thursday.

The Korea Composite Stock Price Index (KOSPI) fell 0.19 per cent to close at 1,931.43 points.

REUTERS