Investors Are Backing Away From South Korea

SEOUL—The dominant dollar is causing trouble in yet another locale: South Korea.

The relentless rise of the greenback, fueled by rapid Federal Reserve tightening, has helped weaken the South Korean won to levels last hit during the global financial crisis. Some analysts and investors are concerned about similarities with the Asian financial crisis of 1997-98, which was triggered partly by a strong dollar and which saw destabilizing outflows from South Korea and other markets.

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