U.S. Treasury Secretary Scott Bessent said that the recent sharp depreciation of the Korean won does not align with South Korea’s "economic fundamentals."

The U.S. Department of the Treasury said in a press release on Wednesday that Bessent had made the statement during a meeting with South Korean Deputy Prime Minister and Finance Minister Koo Yun-cheol on Monday.

Bessent said that the recent weakness of the won was not consistent with South Korea’s "strong" economic fundamentals, and that excessive volatility in the foreign exchange market was undesirable.

He also reaffirmed that South Korea’s strong performance, especially in industries that support the U.S. economy, makes the nation a critical U.S. partner in Asia.

The Treasury said that Bessent and Koo discussed the full and faithful implementation of bilateral trade and investment agreements between the two nations.

Koo met with Bessent on the sidelines of a meeting of finance ministers from the Group of Seven and other nations in Washington on critical minerals.