The minister spoke on a day when the Korean currency plunged to a record low close of 1,460 against the dollar.

Since then the Korean currency has partly recovered, but the country is headed into deep recession.

The South Korean currency, the won, went into a free fall.

The banking system was consolidated and the Korean currency abolished.

In particular, they point to the undervaluation of the Korean currency relative to the dollar.

Reality returned quickly today when both stocks and the Korean currency, the won, dropped sharply.

That helps explain why the Korean currency, the won, lost 20 percent of its value in the last two days.

Interest rates are also soaring, which is the inevitable market response to give investors an incentive to hold onto the Korean currency.

He also said that the South Korean currency, the won, was expected to rise further.

The price, typically, was 10 million won in South Korean currency, about $8,000.