Anchor: The won-dollar rate slipped to the one-thousand-460 won range on Wednesday, down more than six won from Tuesday, as foreign exchange authorities continue attempts to calm the market. In a rare news conference on foreign exchange policy on Wednesday, the finance minister said the ongoing review of the National Pension Service's investment strategy aims to secure long-term returns rather than mobilize the fund as a temporary measure to strengthen the won.
Our Bae Joo-yon has more. 

Report: The local currency began trading at one-thousand-463 won against the U.S. dollar on Wednesday morning, more than eight won stronger than Tuesday's rate.

The rate, at one time, fell below one-thousand-460 won ahead of the government's news conference on the forex market but weakened later on to trade at one-thousand-465-point-six won as of 3:30 p.m.

At the news conference on Wednesday, Finance Minister Koo Yun-cheol made clear that the government will take necessary steps to prevent volatility in the won-dollar rate.

He stressed that the government will work with major players in the forex market, including the National Pension Service and exporting firms, to stabilize the exchange rate amid uncertainty and instability.

The minister also said talks have begun regarding a "new framework" for the national pension fund, aimed at achieving a balance between profitability and stability in the foreign exchange market.

He was quick to add that such talks are not aimed at mobilizing the pension fund as a temporary means to strengthen the won. 

The minister raised concern that the pension fund's increased overseas investment could result in a domestic dollar shortage and that, should it dispose of those properties in the future, a weaker won could affect its financing.

Koo said the government is currently not considering offering short-term incentives to exporting companies that convert their U.S. dollar earnings into Korean won or raising capital gains taxes on overseas stocks.
Bae Joo-yon, KBS World Radio News.