The Japanese yen has fallen twice as fast against the greenback as the Korean won, and the trend is likely to spill over into next year, analysts said Tuesday.

Compared to the start of the year, the won sank 6.1 percent against the U.S. dollar whereas the yen plunged twice as fast at 13.4 percent, according to foreign exchange data.

Although the South Korean government said last month that it will let the won move in tandem with the Japanese currency, addressing concerns by local exporters fearing a serious erosion of their price competitiveness, market watchers say the yen will likely continue to slide more sharply against the dollar than the local currency.

Foreign investment banks have given U.S. dollar-Korea won exchange rate forecasts of 1,130 won for the fourth quarter of 2015, which is 1.1 percent lower than the 1117.7 won registered at the end of Monday’s trading session, according to data compiled by Bloomberg. The forecast for the Japanese yen, on the other hand, came to 124 yen, down 2.3 percent from the previous 121.22 yen.

Analysts say economic and political circumstances in Japan are contributing to the further weakening of the yen.

“For the U.S., upbeat jobless data for November has led to further predictions the world’s No. 1 economy will raise its key interest rate sooner than later, but for Japan, its slowed growth for the third quarter has led many to believe the Bank of Japan will push for more quantitative easing in 2015,” Kim Dae-hyung, an analyst at Eugene Investment & Futures Co., said in a report.

“Added to that, the political risks in Japan are also pointing to the acceleration of the falling yen,” Kim said. “The Japanese currency will weaken at a faster rate if Shinzo Abe’s administration wins the general election (this weekend).” (Yonhap)