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The benchmark KOSPI climbed 1.2% to around 2,526 points on Thursday, after pausing in the previous session, as traders assessed the Bank of Korea’s latest monetary policy decision. The central bank unexpectedly kept its benchmark rate at 3% in its first 2025 meeting after two 25-basis-point cuts in October and November. The decision comes amid a weakening won pressured by global dollar strength and political instability. Meanwhile, after his arrest by the CIO on Wednesday, impeached President Yoon faces intense questioning and the likelihood of a parliamentary special counsel probe. Externally, the index tracked overnight Wall Street gains, driven by an encouraging US inflation report and solid bank earnings. Among major stock indexes, Samsung Electronics (2.1%), SK Hynix (5.2%), LG Energy Solutions (1.3%), Samsung Biologics (2.2%), and Hyundai Motor (0.9%) posted strong performances.

KOSPI Rises Over 1% after BOK Decision

USDJPY decreased to a 4-week low of 155.94. Over the past 4 weeks, US Dollar Japanese Yen gained 1.66%, and in the last 12 months, it increased 5.28%.

Japanese Yen Hits 4-week High

The Bank of Korea (BoK) unexpectedly held its key interest rate steady at 3% during its January 2025 meeting, defying market expectations of a 25-basis-point reduction. This decision aimed to stabilize the won, which had been depreciating amid the global strengthening of the dollar. Additionally, political turmoil following President Yoon Suk Yeol's brief declaration of martial law further pressured the local currency, driving it to a 15-year low by year-end.

South Korea Unexpectedly Keeps Rate Steady

The Nikkei 225 Index gained 0.8% to around 38,750, while the broader Topix Index rose 0.6% to 2,706 on Thursday, recovering some losses from earlier in the week and following a strong performance on Wall Street. US stocks surged overnight, driven by a surprise decline in core inflation and solid bank earnings. However, investors remained cautious about Japanese equities after Bank of Japan Governor Kazuo Ueda indicated on Wednesday that the central bank would discuss the possibility of raising interest rates at its upcoming policy meeting next week. Meanwhile, data showed that Japan’s producer prices increased 3.8% year-over-year in December, matching the pace from November. Strong performances were seen from major index constituents, including IHI Corp (+1.9%), Advantest (+2.5%), and Mitsubishi UFJ (+1.7%).

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