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For 2008 to date, the South Korean Won is the worst performing Asian currency in the index of 10 countries that I follow. Inclusive of today's -1.6% drop, the Won is down -18% vs. the USD this year.

Currencies are not always a leading indicator of economic health. However, in this case, you can see quite clearly that the Won has previewed weakness in the KOSPI Index most recently (see chart).

The abrupt slowdown in Asian growth remains misunderstood.
KM