From October 1997 to January 1998, the economy of South Korea was in turmoil. One of the problems was:

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The turmoil in the South Korean economy from October 1997 to January 1998 was due to the sharp depreciation of the Korean won compared to the U.S. dollar. This made imports from the U.S. very expensive for Koreans, while Korean exports became relatively cheaper for U.S. residents. This led to a decrease in demand for U.S. goods and an increase in demand for Korean goods, affecting the balance of trade between the two countries.

From October 1997 to January 1998, the Economy of South