South Korea's won hit the 800 won range per 100 yen for the first time in eight years on Monday.

According to Seoul Money Brokerage as of 8:23 a.m. on Monday, the South Korean won stood at 897-point-49 against 100 yen, marking the won’s best performance against the Japanese currency since June 2015.

Some experts believe the rate may fall further in the short term, but the current level is expected to be close to the bottom.

The slide in the yen comes as Tokyo continues to maintain its monetary easing policy, including keeping the short-term interest rate at negative zero-point-one percent and the ten-year government bond yield around zero percent, despite the rate hikes carried out by other major economies like the U.S.

This has coincided with a relatively stronger South Korean currency, with foreigners buying heavily in the market over the last month on the back of high expectations of a recovery in the semiconductor industry.