Korea Bond Yield Rises to 2-Month High on Fed Concern; Won Drops

21/11/2013 10:18 AST

South Korea’s bonds fell, pushing the three-year yield to the highest level in more than two months, after minutes of the Federal Reserve’s meeting indicated stimulus may be cut “in coming months.” The won weakened.

The U.S. central bank’s $85 billion of monthly bond purchases might be reduced as the world’s largest economy improves, minutes of the policy-setting Federal Open Market Committee’s Oct. 29-30 meeting showed yesterday. South Korea’s department store sales dropped 2.2 percent last month from a year earlier, the Trade Ministry reported today. The won declined for a second day as overseas investors sold $222 million more local stocks than they bought, exchange data show.

The yield on the 2.75 percent sovereign bonds due June 2016 climbed four basis points, or 0.04 percentage point, to 2.99 percent in Seoul, according to Korea Exchange Inc. prices. That’s the highest level since Sept. 6.

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