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28 Mar 2013
Forex Flash: Korean Government serious about stimulus boost to economy - BBH
FXstreet.com (Barcelona) - Brown Brothers Harriman analysts feel that any doubt over whether the BoK would use stimulus to boost the Korean economy have been expelled.
They note that Finance Minister Hyun is prepared to “take all possible fiscal and financial measures” to this end. Further, the government cut its growth forecasts to 2.3% from 3.0% for 2013 to reinforce the point. Also, the minister did not miss the opportunity to remind us of the detrimental impact of the weaker yen in Korea’s competitiveness. They write, “In our view, KRW should still be treated as a low-beta proxy of the JPY for the time being. On the margin, firming expectations for further easing by the BoK may also be weighing on the won. However, we still don’t see the case for being bearish on the Kospi.”
They note that Finance Minister Hyun is prepared to “take all possible fiscal and financial measures” to this end. Further, the government cut its growth forecasts to 2.3% from 3.0% for 2013 to reinforce the point. Also, the minister did not miss the opportunity to remind us of the detrimental impact of the weaker yen in Korea’s competitiveness. They write, “In our view, KRW should still be treated as a low-beta proxy of the JPY for the time being. On the margin, firming expectations for further easing by the BoK may also be weighing on the won. However, we still don’t see the case for being bearish on the Kospi.”