Edition · Week of 20–26 July 2026 · No. 2
The won just closed Korea's cheap window.
The take
For most of this year, foreign funds could buy Korean assets at a discount, because the won was weak. This week that discount started to disappear. The won got stronger, exports hit another record, and the funds that spent the first half buying Korea cheaply now have to pay more. The story is not slowing down. The window to get in early is just getting more expensive. The capital is ready and the targets are known. What is changing is the price of moving first.
Here is what each move means for your side of the table.
This week
The won got stronger, and Korea just became more expensive for foreign buyers.
Korean M&A jumped 65% in the first half, and foreign funds led every big deal.
Exports hit a July record of 54.9 billion dollars in twenty days, led by semiconductors.
Foreign investors raised their Korean stock holdings 30%, and the exchange is pressuring cheap companies to do better.
Hanwha is building in Europe, and Spain shows how the corridor works.