G-7 Will Help Japan, South Korean Won Gains

The South Korean jumped to the highest level in six weeks today as the Group of Seven nations agreed to help Japan to deal with the aftermath of the earthquake, the tsunami and the radiation leak.

The Statement of G7 Finance Ministers and Central Bank Governors, released today, said:

In response to recent movements in the exchange rate of the yen associated with the tragic events in Japan, and at the request of the Japanese authorities, the authorities of the United States, the United Kingdom, Canada, and the European Central Bank will join with Japan, on 18 March 2011, in concerted intervention in exchange markets.

The South Korean benchmark Kospi index (KOSPI) of stocks climbed as much as 1.1 percent.

USD/KRW traded at 1,128.5499 as of 11:36 GMT today after it slid earlier from 1,135.6000 to 1,125.7999, the biggest daily gain since February 2.