Why not assume that the surpluses are the problem? I think the answer is that there is a belief that current account deficits are unsustainable, whereas surpluses could go on forever. This was a reasonable assumption for most of the post-war period, particularly under the Bretton Woods system, but may no longer be so.
Over the last two years, we have all done our utmost for the recovery and stabilization of our economy amid the unprecedented COVID-19 pandemic. Even under these difficult policy circumstances, the so-called “Permanence of Uncertainty,” the Bank of Korea was able to faithfully undertake its duties.