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SOUTH KOREA: BOK Minutes:  Home Prices and Household Debt Remain Priority

SOUTH KOREA
  • Whilst typically a Tier 2 data release, today’s Bank Lending to Households will be a key release as market observers ponder the next move by the Central Bank.
  • The BOK minutes released saw the policy board members expressing their ongoing concern for home prices in Seoul and the accumulated household debt correlated.
  • That said, there remains some members who advocate for cutting of rates.
  • The minutes point to the need for impactful macro-prudential policies to take effect to cool the overheated property market and associated household debt and concerns that a cut in interest rates will only further the problem.
  • A Bloomberg article today points to the surging global demand for AI chips emanating from Korea and the potential positive impact it has for the GDP expectations for the remainder of the year and into next.
  • With this morning’s unemployment rate moderating, and the ongoing concern on housing, it seems that the BOK for now, may be likely to sit on the sidelines, watching how global markets and the Korean economy evolve. 
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