``Japan's currency has been strengthening for two decades, while its competitors have been happy to sit back and let the weakening effects of that move on their own currencies continue. Now Japan has decided it needs a weaker yen, and though the move has thus far been fairly powerful, we have reached the point where the likes of Korea will step in and defend the advantage they have gained over the last twenty years. As can clearly be seen from the graph (previous page), Korea's KOSPI Index has decoupled from the Nikkei as the yen slide has picked up speed, and that is a phenomenon South Korea simply cannot allow to continue.''

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