South Korea sells net $9.6B in Q2 to defend won, largest intervention on record

South Korean authorities conducted net dollar sales of $9.6 billion in Q2 to stabilize the foreign exchange market, marking the largest quarterly intervention on record. The scale signals sustained pressure on the won amid global dollar strength, and raises questions about the sustainability of FX reserves. This is a continuation of intervention patterns but at an unprecedented magnitude, indicating heightened currency stress.