The South Korean won depreciated to around 1,447 per dollar on Monday, retreating after a brief stabilization as investors weighed policy uncertainty following a major government restructuring and renewed geopolitical tensions. Market caution heightened after the government formally split the Ministry of Economy and Finance into two separate entities, which took effect on Friday, ending 18 years of unified control. Officials stated that the move strengthens planning, but investors fear policy gaps amid dollar strength and capital outflows. Concerns grew as several senior posts remain unfilled, with questions lingering over responsibilities between the two ministries. Separately, regional security risks flared after North Korea launched missiles on Sunday, coinciding with President Lee Jae Myung’s state visit to China. Lee’s visit, his first since taking office, comes as Seoul seeks deeper economic cooperation with Beijing, including on supply chains, the digital economy, and tourism.