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SOUTH KOREA: Limited Market Reaction To Yoon's Arrest

SOUTH KOREA
EM BulletBulletSouth KoreaAPACEmerging Market News

There has been limited market reaction to the arrest of impeached President Yoon in South Korean asset markets. Yoon stated he agreed to appear at the Corruption Investigation Office (CIO) to avoid bloodshed. At the same time, Yoon stated this doesn't mean he is accepting the CIO investigation. This, along with Yoon's impeachment will continue to playout over the coming weeks/months. 

  • The impact has already evident in terms of a sharp fall in domestic economic confidence, which is expected to prompt a further easing by the BoK tomorrow at its policy meeting.
  • USD/KRW is little changed, last back under 1460, slightly outperforming a firmer USD trend elsewhere, but aggregate moves remain modest. We did see a modest gain post the arrest headlines, but little follow through. The Kospi is up modestly as well, but remains under recent highs. Onshore government bond yields are mixed, some firmness at the back end, with the 10yr last near 2.85%. 

 

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There has been limited market reaction to the arrest of impeached President Yoon in South Korean asset markets. Yoon stated he agreed to appear at the Corruption Investigation Office (CIO) to avoid bloodshed. At the same time, Yoon stated this doesn't mean he is accepting the CIO investigation. This, along with Yoon's impeachment will continue to playout over the coming weeks/months. 

  • The impact has already evident in terms of a sharp fall in domestic economic confidence, which is expected to prompt a further easing by the BoK tomorrow at its policy meeting.
  • USD/KRW is little changed, last back under 1460, slightly outperforming a firmer USD trend elsewhere, but aggregate moves remain modest. We did see a modest gain post the arrest headlines, but little follow through. The Kospi is up modestly as well, but remains under recent highs. Onshore government bond yields are mixed, some firmness at the back end, with the 10yr last near 2.85%.