The South Korean won fell to around 1,443 per dollar, extending losses from the previous session as persistent capital outflows weighed on sentiment. Attention has turned to the National Pension Service, with the massive state fund expected to reassess its foreign exchange hedging and overseas investment strategy. The currency struggled through 2025, briefly sliding beyond 1,480 per dollar as the NPS’s unhedged foreign exposure amplified the effect of outflows on the exchange rate. Investor worries were partially eased after a task force overseeing the NPS’s strategic review stated that it is evaluating current policies and may implement new measures, including formal guidelines on foreign exchange hedging. Earlier this year, the management committee also approved a gradual shift toward domestic assets, raising its allocation to local equities to 14.9% and domestic bonds to 24.9%, signaling a tilt back toward onshore investments that helped ease downward pressure on the won.