The South Korean Finance Minister has ordered his underlings to closely watch FX market swings. Obviously he is taking a leaf out of Japan’s PM Noda’s book. The Bank of Korea has been in profit taking mode in large this week. After sitting on the bid a couple of months back around 1060 they are now being swamped on the offer – last 1173. Dealers estimate they have sold around US$7bln this week alone – as Arthur would say – a nice little earner.