Time now for an in-depth look at the market news this afternoon.
And for that, I'm joined on the line by Dr. Yang Jun-sok, Professor of Economics at The Catholic University of Korea.
Professor Yang, good afternoon. Thank you for making time today.
Well, it was a massive decline overnight on Wall Street. On Tuesday, Walmart cut its earnings outlook, but the markets were higher, but on Wednesday when sales at Target came out lower, that sent the markets down sharply the Dow in particular by the most since June 2020. More than 4 percent. Supply chain issues showing up now in a big way for retailers. Tell us about this big decline in U.S. stocks, Professor.
South Korean stocks were down today too, but not nearly as much as Wall Street. The KOSPI got close to the 26-hundred point mark today but not quite. Not too many bright spots today. Among the worst hit sectors was electronics. What happened today in the domestic market?
The exchange rate yesterday came back down to below 12-70 against the dollar. Now it's back above that level, perhaps with this big decline in stocks sending investors to the safety of the dollar. What do you see happening with the exchange rate?