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Korean interest rates to remain on hold until mid-2015

The decision by the Bank of Korea (BoK) to leave interest rates on hold today at 2.0% comes despite the recent weakness of the Japanese yen against the won, which had led to some calls for more rate cuts.  Currency concerns will linger, but we think the BoK's rate cutting cycle is over, given the recovery in the economy and that the increasing urgency to bring down growth in household debt.

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