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SOUTH KOREA:   Politicians Heaping Pressure on the BOK.

SOUTH KOREA
  • President Yoon’s policy chief told reporters Wednesday that the stabilization of inflation in Korea has created sufficient conditions for a rate cut.
  • Yoon noted that Korea’s inflation trajectory has a better outlook relative to it’s regional peers.
  • On Tuesday (on Bloomberg TV) the Land Minister stated that ‘policy easing would likely provide a much needed boost to South Korea’s housing market outside of Seoul, while demand from deep pocketed consumers in the capital should largely be unaffected by the marginal rate moves.’
  • The calls from within government to cut rates to support the consumer have been growing louder in recent months.
  • The BOK has reiterated its ongoing concerns about the housing market and yesterday’s lending data showed that this concern remain warranted.
  • The current period is a useful test for the BOK’s perceived independence as politicians calls for cuts fly in the face of what the data is suggesting is appropriate. 
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