By Yang Seok-jun Korea’s foreign exchange reserves currently stand at just over $400 billion (567.5 trillion won), having crossed this threshold for the first time in June 2018. The total peaked at around $470 billion in 2021 but is now on the decline. There is growing concern that it will fall below $400 billion in the near future. However, it is important to recognize that while this year’s number remains similar to 2018, the conditions surrounding it have changed significantly. Until mid-2014, Korea, then a leading emerging market economy, had a negative net international investment position (IIP), with residents’ investment abroad remaining well below nonresidents’ investment in Korea. As a result, the level of foreign exchange reserves emerged as the main indicator of external soundness, and the market showed significant sensitivity to fluctuations in these reserves. However, the current net IIP is over $1 trillion. It should be noted that in addition to the foreign exchange reserves that meet its definition, other investments account for more than that. For example, the foreign invest
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