高韓元低日元會減低韓国對日本的輸出競争力

Yesterday the Asahi News on-line reported the following:

円安ウォン高、苦境の韓国　日本との輸出競争力が低下

ソウル＝東岡徹

2014年11月21日00時24分

　韓国経済がウォン高・円安に苦しんでいる。日本銀行が１０月３１日に追加の金融緩和を決めるとさらに加速。世界の市場で争うライバル・日本企業との戦う力が相対的に落ちているからだ。対ドルでのウォン高で輸出競争力が弱っていたところに、追い打ちをかけている。

　朴槿恵（パククネ）大統領は１１月１６日、Ｇ２０首脳会議で、「主要先進国の通貨価値の偏りは一部新興国の経済に負担になる可能性がある」と懸念を示し、暗に日銀の金融政策を批判した。さらに「自国の環境だけを考慮した先進国の経済や通貨政策は、新興国に否定的な効果を与え、これが再び先進国経済に悪影響を与えるおそれがある」と牽制（けんせい）した。

　韓国外換銀行によると、日銀が追加金融緩和を決める前日の１０月３０日は１００円＝９６７・４６ウォンだった。しかし、翌３１日以降、ウォン高・円安が進み、１１月１９日には１００円＝９４３・２２ウォンになった。韓国の民間シンクタンク「現代経済研究院」は１０月、ウォン・円レートが９００ウォンになれば、来年の韓国の輸出は８・８％減るとの分析を公表している。

(試譯文)

The South Korea’s economy had been troubled by the strong Won and weak Yen. This was accelerated further when on October 31 the Bank of Japan opted for additional money market relaxation; its power to fight with rivals for the world markets and with the Japanese companies fell relatively. It would pursue and attack areas where export competitiveness had been weakened due to the strong Won in relation to the Dollar.

President Park Geun-hye in the G20 summit meeting expressed concern that "a deviation in currency value by major industrialized countries may become a burden for the economy of some newly emerging countries", and subtly criticized the financial policy of the Bank of Japan of November 16. Furthermore, to check this, she said that "noting that the economic and currency policies of advanced nations only give consideration to their own country’s situation, there is a possibility that this may generate negative effects on newly emerging countries, and in return have a bad influence on the economy of the advanced nations".

According to the Korea Exchange Bank, on October 30th the day before the Bank of Japan opted for further easing its monetary policy, the price was 100 Yen = 967.46 Won. However, starting from the next day the 31st, strong Won and weak Yen continued and on November 19 it became 100 yen = 943.22 Won. A South Korean private think-tank the "Contemporary Economic Research Institute" in October had released an analysis saying that the export of South Korea next year would decrease 8.8%, if the Yen to Won rate became 900 Won.

As Japan is having its own economic problems, it seems that the “currency war” between Japan and South Korea will continue in the months to come.