President Lee Jae Myung said he expects the Korean won to reach around one thousand-400 per dollar within a couple of months, citing projections by relevant authorities.

Addressing the won's recent depreciation during a New Year’s press conference at the presidential office on Wednesday, Lee said the government would continue to identify and deploy all available measures to stabilize the exchange rate.

The president said that some view the current high exchange rate as a “new normal,” noting that it is not a phenomenon unique to South Korea and cannot be easily reversed through domestic policy alone.

Lee added that if there were a single, decisive solution, it would have already been implemented and that the government is implementing a range of effective policies.

Lee said the won tends to move in tandem with the yen but has depreciated less than Japan’s currency.

He explained that if the won were to fully match the yen’s depreciation against the dollar, the exchange rate would be closer to one thousand-600 and that South Korea's currency has been holding up relatively well by comparison.