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TD Securities analysis team notes that  Bank of Korea cut its base rate by 25bp to 1.25% in line with consensus.

Key Quotes

“Two members voted to remain on hold and BoK maintained an accommodative policy stance. Unsurprisingly given the raft of weaker data over recent weeks, BoK notes that growth will come in below its July projection, while CPI is forecast to move below their July projection for a while.”

“BoK noted that they are monitoring the impact of the recent two rate cuts suggesting that they will be data dependent in the months ahead while the door for further easing remains open.”