Obviously, the Korean ETF ( EWY , quote ) is the way to trade the long-term impact of what could truly become a stagflationary environment. The main gauge of Korean retail inflation surged to 4.5% last month, well above Seoul's target and revealing that price pressure is alive and well even at the industrial heart of Asia. Part of the problem here is that like many countries, Korea has elected to weaken its currency, the won, while allowing inflation to gain a toehold within the economy as a result.