SEOUL, South Korea — The United States has asked South Korea to raise the value of its won currency by 10% to 15% against the dollar, Finance Minister Sakong Il said Wednesday.
He said this would be in addition to about an 8% appreciation of the won in the past year.
This was the first time a Seoul official had disclosed a specific revaluation amount sought by Washington.
In the past, South Korean officials had said only that the United States wanted a one-time drastic revaluation of the won, instead of a continuation of its gradual rise.
A higher-valued won tends to make South Korea's goods more expensive in the United States and American goods cheaper in South Korea.
Speaking to a group of high school principals on economic issues, the finance minister said the United States was requesting that South Korea drastically revalue the won and open its market wider in view of Korea's growing trade surplus, which stood at about $9.2 billion last year.