North Koreans are now paid about 2, 000 North Korean won a month, instead of 100-150 won.
Against the South Korean won, the dollar weakened to 1, 142, compared to 1, 147 late Monday.
Mr. Yi also expressed caution over the continued strength of the Korean won in 2013.
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The Singapore dollar is undervalued by 18% and the South Korean won by 12%.
Nor in all likelihood are several other South-East Asian currencies and perhaps the South Korean won.
Other Asian currencies such as the Thai baht and the South Korean won are also undervalued.
Already, the Thai baht, Korean won, Malaysian ringgit, Singapore dollar and Philippine peso are under downward pressure again.
Since January, the Korean won has appreciated by 4.5% against the US dollar.
More recently, the appreciation of the Korean won has made things more expensive for foreign visitors, said Mr. Song.
The dollar also gained against the South Korean won, to 1, 145 compared with 1, 141 at the end of the week.
The latest stoppage resulted in production losses of about 50, 000 vehicles which would cost the company nearly 1tn Korean won.
That surge has boosted stock prices and also pushed up the Korean won, which not long ago hit 27-month highs.
Meanwhile, the South Korean won has risen by nearly 10% against the US dollar since May, making South Korean goods more expensive.
Hyundai's net profit fell 5.5% in its fourth quarter from a year earlier as a strong South Korean won dented overseas earnings.
The South Korean won and the Thai baht have both recovered by more than 30% against the dollar from their January lows.
The South Korean won has risen by nearly 10% against the US dollar since May, making its exports more expensive to foreign buyers.
The Korean won followed a similar pattern and recovered most of its losses to finish lower by about 0.5%, according to a Thomson Reuters report.
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The DPRK's official currency is the North Korean won, but Jang said everything in North Korea was pegged on the U.S. dollar, including the black market economy.
Pick up a booklet for 2, 500 South Korean won from the information counter at the entrance for profiles of all the sights, as well as a map.
The dollar's weaker every year, so we've got these windfall profits from getting paid in, you know, Brazilian real and Australian dollars and then South Korean won.
Besides the Israeli shekel, the other main exception is the South Korean won which, as a result of currency appreciation, is now 8% overvalued against the dollar.
"The first reaction was to buy the dollar while selling the euro, the South Korean won and Asian shares, " said Etsuko Yamashita, chief economist at Sumitomo Mitsui Banking Corp.
But with the South Korean won, the Japanese yen and, to a lesser degree, the New Taiwan dollar all now marching downwards as well, Thailand's relative cost advantages are shrinking.
The upstart or young pretender KRW (South Korean won) is currently weak against the USD on event risk, but the market anticipates the currency to trade back to pre-crisis strength against the JPY.
Amounts in Korean Won (KRW) are translated into U.S. Dollars (USD) at the average rate of the three-month period in each corresponding quarter: KRW 1, 133 per USD (2012 3Q) and KRW 1, 082 per USD (2011 3Q).
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Amounts in Korean won (KRW) are converted into U.S. dollars (USD) at the average rate of the three month period in each corresponding quarter: KRW 1, 091 per USD (2012 4Q) and KRW 1, 146 per USD (2011 4Q).
The bank argues that when, in 1995-98, the yen fell sharply against the dollar (and hence the Korean won, which was then pegged to the dollar), Japan did not grab any market share away from South Korea.
On the non-operating side, the rapid depreciation of the Korean won against the US dollar in September resulted in foreign exchange-related losses of around 420 billion won due to translation of foreign currency- denominated assets and liabilities.
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So, an auto manufacturer in Korea importing steel from Japan must first convert Korean won into U.S. dollars, pay for the transaction in dollars, and the Japanese exporter, once receiving the payment, must convert the dollars into Japanese yen.
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