South Korea's currency won hit a new high against Japanese yen on Monday at 792.38 won to 100 yen, the highest since Nov.14, 1997, when the exchage rate stood at 784.30 won to 100 yen.

Monday's strong won was backed by the won's strength against U. S.dollar, as the local currency ended at 935.30 won to one U.S. dollar on Monday, up 3.60 won from Friday's close, while the exchange rate between yen and dollar dropped.

Local media said the strong won against yen is expected to gain further in the coming months.

The South Korean government worries that a continued rise of the won to the yen could be a blow to South Korea's export volume.

If (the won-yen rate) continues to decline in the long term, it could affect South Korea's export volume although the volume seems to be steady up until now, said Kim Cheol-ju, a director of the comprehensive policy bureau at the Ministry of Finance and Economy.

Source: Xinhua