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Seoul markets react well to impact of Fed's tapering: BOK head

Seoul markets react well to impact of Fed's tapering: BOK head

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Published : 2013-12-20 09:45
Updated : 2013-12-20 09:45

The local financial markets reacted well to the impact of the Federal Reserve's decision to taper its stimulus program, the country's top central banker said Friday.

"Net buying occurred in the local stock and bond markets. The financial markets were well adapting to the Fed's move to reduce quantitative easing," Bank of Korea (BOK) Kim Choong-soo said in a meeting with local bank heads.

The governor said that as the size of the tapering largely met market expectations, the yield on 10-year U.S. Treasurys just inched up by a mere 0.05 percentage point.

The Fed on Wednesday (U.S. time) announced its decision to start reducing its monthly bond purchases by $10 billion to $75 billion from next month, citing a stronger job market.

The benchmark Korea Composite Stock Price Index (KOSPI) on Thursday inched up 0.05 percent to end at 1,975.52. The yield on three-year government bonds inched down 0.01 percentage point to 2.89 percent. (Yonhap News)



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