When Korea is tough,
Japan is the slowest foreign currency lender
WhenKoreaToughJapanSlowestForeignCurrencyLender2
WhenKoreaToughJapanSlowestForeignCurrencyLender1
2017/01/10
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「Japan is the last country in the United States, China, and Japan to lend foreign currency during the toughest times.」
尹増鉉（Yoon Jeung-hyun,윤증현）Secretary of Planning and Finance,
On the 6th, he pointed out in an interview with Nikkei, a leading Japanese economic newspaper,
"Even though it is the world's second-largest economy, Japan feels regrettable."
he said.
In September, the aftermath of the global financial crisis raised concerns about the foreign exchange market,
South Korea promotes currency swaps with major countries,
With the United States last October,
Last December, respectively, they signed a $ 30 billion agreement with China and Japan.
尹増鉉（Yoon Jeung-hyun,윤증현、ユン・ジュンヒョン）,
Secretary of Planning and Finance,
"I would like Japan to take the initiative when the surrounding countries are in trouble, and to actively provide support.
It's because Asian nations feel incomparable to Japan. ''
He said.
Also on expanding financial cooperation such as currency swaps with Japan
"It's not that much needed right now.
Current agreement with $ 30 billion expires
In October, I would like to discuss whether to extend it. "
It was revealed.
Regarding the Korea-Japan Free Trade Agreement (FTA)
"If the Japanese side gives a little more concessions and considers it, it could be signed earlier."
Pointed out.
尹増鉉（Yoon Jeung-hyun,윤증현）,Secretary of Planning and Finance,
"The toughest times of the economic recession have passed, not only in Korea, but globally."
"This year's economic growth forecast has been revised upward from -2% to -1.5%
But this is also conservative. ''
He said.
22 years ago IMF crisis triggered by Japanese banks
http://www.atlasnews.co.kr/news/articleView.html?idxno=224Kim Hyun Min reporter approval 2019.04.2212: 58
Japanese funds that accounted for half of short-term foreign bonds first escaped ...
朴泰俊 (Park Tae-Joon,박태준) refuses requests for assistance
中央日報(JoongAng Ilbo)
李夏慶（Lee Hakyung,이하경） was the lead author on 22nd
「 MoonJae-in, the fear of the collapse of Korea-Japan relations from the government
Ambassador to Japan in a column titled
柳明桓（Yu Myung-hwan,유명환）Former Foreign Trade Minister
Quoted words.
According to a column, 柳明桓（Yu Myung-hwan,유명환）,
former minister of Foreign Affairs and Commerce,
South Korea experienced the humiliation of the IMF during the 1997 currency crisis
Seeing that the final hit was the recovery of short-term foreign bonds in Japan,
"I've thought that Japan is the best defender of Korea
Financial markets in New York, London and Hong Kong are tough
I cut my money in Korea struggling to look ahead. ''
He said.
The column was two years ago on November 14 , 1995 ,
President 金泳三(Kim Young-sam,김영삼)
And Chinese 江沢民（Jiāng Zémín、江 泽民）Of the President
He spoke at a press conference immediately after the summit talks.
When President 金泳三(Kim Young-sam,김영삼) asked,
“What do you think of the Nanjing Massacre?”
江沢民（Jiāng Zémín、江 泽民）,
But Japan strips it off」sayed
President 金泳三(Kim Young-sam,김영삼)
"Japanese politicians continue to paranoid. I Fix Japan,s bad manners."
sayed
Japan was astonished.
President diplomat secretary was on the scene
Former Minister of Foreign Affairs and Trade 柳明桓（Yu Myung-hwan,유명환）
"This statement called the IMF line."
sayed
Introduced at the beginning of the column
I think Mr. 柳明桓（Yu Myung-hwan,유명환）,
the former Minister of Foreign Affairs and Trade, is correct.
Then, let's empirically investigate what was happening immediately
before the 1997 IMF .
Korean economy rushed to financial crisis At the end of November 1997 ,
The first fund that came out of Korea was the Japanese ODA loan.
Japanese banks were ill with bad credit (goddess)
"How to do it even if it is taken in a flock even in Korea"
Japanese banks was caught in fear.
Japanese banks were never neighbors cousins.
Japanese banks knew more about their neighbors than other countries
So it has squeezed Korea even more than European and American banks.
John Chambers, the United States Credit Rating Agency's S & P Country Credit,
For three months from September to November 1997 ,
Estimated that Japan's money leaving Korea will reach $ 9 billion.
( " Barrons , January 26 , 1998 Costly Lessons ''See
" S & P Chambers
It is estimated that Japanese banks withdrew approximately $ 9 billion in loans in September , October and November .
Meanwhile, Moody's plans to put more emphasis on the strength of the country's major creditors,
In this case, it was mainly a Japanese bank.
"After all, what matters is not just private debt, but all debt."
He added. "
Later, according to a document that came out at the hearing of the Diet,
At the end of the year, Japanese banks withdrawn from Korea reached $ 12 billion.
Of course, it is wrong that Korean banks brought a lot of short-term foreign bonds.
The economy was booming, because the interest rates on short-term borrowings were lower than on long-term foreign bonds with higher interest rates
We borrowed good terms.
However, the disadvantage of short-term foreign bonds is that if the bank does not rollover at once
A surrender can be made.
It is true that Japanese banks have done so.
It is also important to explore the economic situation at the time .
In the late 1990s , competition for expanding the semiconductor industry with Asian countries was fierce.
South Korea leads the world in semiconductors,
Thailand and Singapore expand their silicon wafer plants,
Malaysia also built a semiconductor factory.
D-RAM semiconductor prices crashed 82 % in 1996
in spite of,
Taiwan boosted plans for $ 1 billion silicon wafer plant
In Malaysia, the jungle was pushed with a bulldozer to build a semiconductor complex.
However, global industry demand has not been able to overcome the competition for semiconductor equipment in Asia.
Semiconductor companies in Taiwan and Singapore, anam industry in Korea
Cracks gradually started in weak rings such as.
The export situation was also bad because semiconductor prices had plummeted.
The deficit of the trade balance is
Exceeded $ 10 billion in 1995 ,It more than doubled to $ 20.6 billion in 1996 .
By September 1997 , just before the currency crisis, the cumulative trade deficit reached $ 10.3 billion.
Goldman Sachs Market Analyst
He wrote a report on Korea's foreign exchange reserves and forwarded it to Wall Street banks.
According to the report, Korea's lack of foreign currency reserves
Likely to receive support from the IMF like Thailand,Won market
It is expected that the dollar will reach 1150 won in 3 months and 1,250 won in 12 months.
As soon as this report comes out, the US, Japan and Europe
Foreign banks, including those based on analysis of Wall Street investment companies and U.S. media reports
Looking uneasy at the Korean market,
Concluded that you would remove any money before showing any damage.
The dollar and exodus in Korea have spread.
After that, the original picture (Korean won)
It fell even more significantly than Wall Street analysis.
On October 27 , that day was Monday.
International Forex speculators capture Hong Kong dollar,
Hong Kong officials have raised short-term interest rates to a whopping 300% ,
The Hang Seng stock has already crashed and lost several weeks upright.
New York Stock Exchange Dow Jones Index
It fell 554.26 points (7.2%) , the maximum decrease.
508 points crashed on October 19 , 1987, 10 years ago
(Black Monday) was reproduced for the first time in 10 years.