The won-dollar exchange rate ended at 1,345.6 won on September 8, gaining 5.1 won from the previous trading day and ending five consecutive sessions of declines. The rebound followed a surge in international oil prices to a three-month high as U.S.-Iran military tensions escalated around the Strait of Hormuz. Importer settlement demand and the digestion of news that the National Pension Service had suspended currency hedging also supported the dollar, while semiconductor-company dollar sales and a stronger yen capped the move. The yen-dollar rate fell 1.88 yen to 153.742 yen, its lowest intraday level since February 17, amid renewed expectations of U.S.-Japan coordination and a possible Bank of Japan rate increase next week. Analysts say the supply-demand forces behind the won’s recent strength are easing, creating scope for a rebound in the won-yen cross rate if the yen continues to strengthen. The Bank of Korea also said stable exchange rates and recent won appreciation have increased the likelihood that South Korea’s per-capita GNI will exceed $40,000 this year.