EFTA Document EFTA01459608

12 January 2016 FX Blueprint: Forever Young Theme #10: Yen up and be koreageous Buy JPY/KRW, USD/KRW For years, the market has been wary of pushing for KRW weakness, given Korea's sizeable balance of payments surplus. However, the era of sizeable surpluses is over We expect the recycling of the current account surplus via domestic capital outflows to pick up pace this year, driving USD/KRW higher The thinning out of the BoP surplus will in general make the won more susceptible to the g