Everyone's nervous, so let's go to the dollar I'm going to hold on to the dollar

Everyone's nervous, so let's go to the dollar
I'm going to hold on to the dollar for a longer time.

Firm) < Exports are a hit, but why did the exchange rate exceed KRW 1470?>

1>.
The exchange rate exceeded 1,470 won on Nov. 12. The cumulative current account surplus between January and September 2025 was 83 billion dollars. It is the largest export surplus ever.

So, why does the exchange rate keep rising? When the trade balance becomes surplus, the exchange rate should fall because the dollar flows into the country.

2>.
There are three main factors at work.

First, it's because of West Ham ants. West Ham ants are steadily buying US assets. In 2025, individuals' net purchase of overseas assets is about $50 billion.

In 2025 alone, the cumulative surplus earned by large Korean companies was $80 billion, and the cumulative purchase of U.S. assets by Seo Hak-ts was $50 billion.

The scale is so large that the expression "ant" is overshadowed. It is a lump similar to that of a large company.  

Second, overseas investment by the National Pension Service is having an impact. The National Pension Fund is about 1,400 trillion won. Half of them are invested in overseas assets. It increases dollar purchases and lowers the value of the won.

Third, because of the strong dollar. The strong dollar is affected by the gap in benchmark interest rates between the U.S. and South Korea.

As of November, the U.S. benchmark interest rate is 3.75% to 4.0%. South Korea's benchmark interest rate is 2.5%. The dollar's 'money' is more expensive.

For large Korean companies, the money earned from U.S. exports will be held in dollars (not won) because the value of "U.S. money" is higher. Exports are the largest surplus, but the won's value is falling.

The three phenomena mentioned are strong in terms of mega-trend or 'new normal'.

This is why the exchange rate is likely to surpass 1,500 won in the near future from the current 1,460 won.