(MENAFN- Qatar News Agency) Seoul September 03 (QNA) - The South Korean currency continued Wednesday its rise against the Japanese yen extending its gain to the fourth consecutive day and raising worries that it could hurt the competitiveness of domestic firms particularly in the steel tech and auto sectors. The Korean won rose to 967.00 won per 100 yen up 1.86 won from the previous session's close the highest level since August 2008. The yen's weakness accelerated around the globe for the past few sessions as Japanese Prime Minister Shinzo Abe is set to name a female politician to the government pension fund management who is expected to allow the fund to buy more risky assets. Earlier in the day South Korea warned that it is closely watching the foreign exchange market implying that the won's rise to the yen is too excessive. Vice Finance Minister Joo Hyung-hwan said at a policy meeting said that the Ministry was "closely monitoring" the won-yen rate and its impact on the economy. (QNA)
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