Barclays analysts say SK Hynix’s planned US listing could provide near-term
support for the Korean won. Support may come from hedging flows and from
converting part of IPO proceeds into won to finance domestic investment; recent
won appreciation suggests some pre-hedging is already priced in. A larger-scale
repatriation of offshore assets or overseas earnings by Korean semiconductor
firms to fund domestic projects would add won demand and further support the
currency.
