The South Korean won closed at a 13-month high of 1,372.5 per dollar after the Bank of Korea raised its benchmark rate by 25 basis points to 3.00% from 2.75%, with month-end exporter and custody-related dollar selling extending the advance. In his first Jackson Hole keynote, Federal Reserve Chair Kevin Warsh signaled commitment to the 2% inflation target but stopped short of detailing rate-policy plans, while other Fed officials struck hawkish notes and July U.S. PCE inflation ran hotter than expected. Accounts still differ on Warsh’s title and on whether the BOK move took the rate to 3.00% or 3.50%, but the fuller record frames the hike as preemptive tightening against inflation, won weakness, property prices and household debt, leaving markets to weigh further won strength against Fed communication risks and regional capital-flow pressures.