The Japanese yen’s continued appreciation has allowed South Korean exporters to become more competitive in the Chinese market.

The yen appreciated by more than five percent against the U.S. dollar this year, eroding the competitiveness of Japanese exporters, while the Korean won weakened by four percent during the same period.

The yen posted a record high 75-point-nine-five yen against the dollar at one time in the New York foreign exchange market on Monday.

Although the rate fell to the 76 yen level soon after, it was higher than the previous record of 76-point-two-five, which was posted right after the massive earthquake on March 17th.

With the yen’s surge, South Korea posted a 16-and-a-half percent growth in exports to China last month, which is six times that of Japan during the same period.