S.Korean currency won reaches 9-year high against yen

The exchange rate between South Korean won and Japanese yen closed at a nine-year high on Thursday amid massive buying of won.

The local currency ended at 803.5 won against 100 yen, the highest level since Nov. 17, 1997 when it ended at 800.20 won.

Experts said the rise of won was mainly pushed by exporters' expanding demand for the won as the Chuseok, or Mid-Autumn Festival, holiday draws near. The South Koreans will have a three- day holiday from the Cheseok on Oct. 5 to Oct. 7.

Meanwhile, the exchange rate between won and U.S. dollar fell to 944.70 on the local currency market, down from 943.70 a day earlier.

Source: Xinhua