Baht, won soar against yen as smaller Asian economies outperform

Thai, South Korean currencies bolstered by rate hikes and years of current-account gains

20230809N Thai baht

The Thai baht touched a 26-year high against the yen this month. © Reuters

AKIRA INUJIMA and YASUHA MINAMI, Nikkei staff writers

TOKYO -- Asian currencies like the Thai baht and South Korean won have strengthened to their highest against the yen in years, thanks to higher interest rates and better economic fundamentals that stand in contrast to Japan's decline.

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