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Use of yen for import settlement down in Q4

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(Globalpost/GlobalPost)

SEOUL, Jan. 24 (Yonhap) -- South Korean importers reduced their use of the Japanese currency in settling import deals in the fourth quarter, as the yen has been under heavy downward pressure, the central bank said Friday.

The use of the yen accounted for 5.2 percent of the total import settlement in the fourth quarter, down from 6 percent in the third quarter, according to the Bank of Korea (BOK).

The weight of the yen declined as the currency's sharp weakness reduced the dollar conversion value of settlement made with the yen, it added. The yen depreciated 6.8 percent against the greenback in the October-December period.

The use of the dollar accounted for 84.1 percent of the total import settlement in the fourth quarter, up from 83.7 percent three months earlier.

The euro ranked second with 6 percent, followed by the yen and the Korean won at 3.6 percent, the bank said.

The dollar was also the most favored currency for export settlement in the fourth quarter.

The use of the greenback accounted for 84.6 percent of the total export settlement last quarter, down from 86 percent three months earlier, it added.

The euro ranked second with 6 percent, followed by the Japanese yen with 3.7 percent and the won with 2.3 percent, the BOK said.

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