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Efforts To Stabilize Markets Steps Up ​

KOREA

The Kospi is around 1% firmer following onshore media reported that the authorities were activating the stock stabilization fund. The market weakened beyond 3%, but we are back to losses of -2.2%. This comes after earlier comments from the Vice Finance Minister that the country was considering steps to stabilize the bond and stock markets.

  • Earlier BoK announced that it will conduct a direct bond buy back of up to 3 Trillion won (see this link for more details). The MoF will also buy 2 Trillion won worth of bonds on Friday. 3yr bond futures have spiked higher, +17ticks to 101.68.
  • USD/KRW hasn't reacted a great a deal. Spot got to a high of 1442, but we are now back below 1440.
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The Kospi is around 1% firmer following onshore media reported that the authorities were activating the stock stabilization fund. The market weakened beyond 3%, but we are back to losses of -2.2%. This comes after earlier comments from the Vice Finance Minister that the country was considering steps to stabilize the bond and stock markets.

  • Earlier BoK announced that it will conduct a direct bond buy back of up to 3 Trillion won (see this link for more details). The MoF will also buy 2 Trillion won worth of bonds on Friday. 3yr bond futures have spiked higher, +17ticks to 101.68.
  • USD/KRW hasn't reacted a great a deal. Spot got to a high of 1442, but we are now back below 1440.