[DigitalToday reporter Ji-young Lee] President Lee Jae-myung (이재명) said of the continued trend of a high exchange rate that "responsible authorities predict it will fall to around 1,400 won in a month or two."

Lee made the remarks at a New Year news conference held at the Cheong Wa Dae State Guest House on Jan. 21. He said it was not a phenomenon unique to South Korea and that it was difficult to restore it to its original level through policy.

"The market is always determined by supply and demand," he said. "We achieved record exports of $700 billion and the trade balance surplus continues." He said growth is recovering and that some call it a "new normal." He said South Korea has been devalued less than Japan.

He added: "If we match it as it is based on Japan, it should be 1,600 won." He said it was still holding up better compared with the yen-dollar linkage.

On measures to address the high exchange rate, he said: "The government is implementing many useful policies it can." He said it would continue to find possible means and work to stabilise the exchange rate.

Following Lee's remarks that day, the won-dollar exchange rate fell to the high 1,460s.