Financial authorities hold meeting to assess impact of US, Japan bond yield surge
Acting Finance Minister Kim Beom-suk, second from right, along with other financial authorities, during a meeting at the government complex in Seoul, Friday / Yonhap
Korea's top financial officials convened a meeting Friday to assess the potential impact of rising U.S. and Japanese government bond yields on the domestic financial and foreign exchange markets, the finance ministry said.
The meeting, chaired by acting Finance Minister Kim Beom-suk, brought together Bank of Korea Gov. Rhee Chang-yong, Financial Services Commission Chairman Kim Joo-hyun and Financial Supervisory Service Governor Lee Bok-hyun, according to the Ministry of Economy and Finance.
The meeting came amid heightened global market volatility, triggered in part by a sharp uptick in long-term bond yields.
On Wednesday (local time), the yield on 30-year U.S. Treasury bonds rose 12.3 basis points to 5.092 percent, its highest closing level since October 2023. Similarly, yields on Japan's 30-year and 40-year government bonds hit multi-year highs earlier this week.
The authorities emphasized that they will remain vigilant and take timely actions to ensure market stability.