2025年9月金融市场趋势

▣Treasury bond yields fluctuated within a narrow range,butrosesignificantly after late September due to heightenedfinancialstability risks and net selling of government bondfuturesbyforeign investors. ▣The KOSPI surged to an all-time high on the back offavorablesemiconductor market conditions,expectations ofregulatoryreforms in the capital market,and large-scale netpurchasesbyforeigninvestors. ▣Bank lending to the household sector(+4.1trillion won in August2025→+2.0 trillion won in September 2025)andto the corporatesector(+8.4 trillion won→+5.3 trillion won)bothgrew by a smalleramountinSeptemberthaninthepreviousmonth. ▣Deposit-taking by banks grew significantly in September(+32.9trillionwonin August2025→+31.9 trillionwoninSeptember 2025),whilefundsunder management at asset management companies shiftedtoadecrease(+15.6trillionwon→-4.2trillionwon). 1InterestRatesandStockPrices □Treasury bond yields fluctuated within a narrow range,butrosesignificantly after late September due to heightenedfinancialstability risks and net selling of government bondfuturesby foreigninvestors. □Short-term interest rates remained generally stable*asthe effectsofweaker expectations of a Base Rate cut and reduced issuancevolumesoffseteach other. *However,bank debenture rates rose slightly due to sluggish investmentdemandfrom moneymarketfunds(MMFs). □The KOSPI surged to an all-time high*onthe back of favorablesemiconductormarket conditions,expectations of regulatoryreformsin the capital market,and large-scale net purchases byforeigninvestors. *KOSPI:3,486.2onSept.23→3,610.6 onOct.10→3,657.3on Oct.15. 2HouseholdLoans □BanklendingtothehouseholdsectorgrewbyamuchsmallermargininSeptemberthaninthepreviousmonth(+4.1trillionwoninAugust2025→+2.0trillionwoninSeptember;+5.6trillionwoninSeptember2024). oHome mortgages saw slower growth(+3.8trillion won→+2.5 trillionwon),astheeffectsoftheJune27housingmeasurescontinuedandasseasonalfactorsreduceddemandforjeonseleaseholddepositloans. ※Changes inleasehold depositloans(trillionwon):+0.3inJuly2025→+0.4inAugust→-0.2inSeptember(+0.6inSeptember2024). oOtherloansreversedtoadecline(+0.3trillionwon→-0.5trillionwon),astheimpact of tightened unsecured loan limits persisted and asadditionaleffects from the sales and write-offs of non-performingloansattheendofthequarterwerereflected. Apr2025MayJunJulAugSep▪Apartmentsaletransactions(nationwide,10,000units)1)4.14.55.43.53.4..▪Apartmentsaletransactions(Seoulmetropolitan,10,000units)1)1.92.33.11.41.5..▪Apartmentsaletransactions(Seoul,1,000units)1)5.17.411.04.04.2..▪Apartmentleaseholdtransactions(nationwide,10,000units)1)5.15.15.04.84.2..▪Newapartmentsales(nationwide,10,000units)2.31.70.72.81.53.2▪Newlyoccupiedapartments(nationwide,10,000units)1.52.03.12.22.01.4Note:1)Transactionvolumeasofthecontractdate,basedonstatisticscompiledasofOct. 3CorporateFunding □Bank lending to the corporate sector grew by a smaller extent inSeptemberthaninthepreviousmonth(+8.4trillionwoninAugust2025→+5.3trillionwoninSeptember;+4.3trillionwoninSeptember2024)duechieflytoseasonalfactors. oBank lending to SMEs grew to an extent similar to that in thepreviousmonth(+4.5trillion won→+4.0 trillion won),owing to anexpansioninmajorbanks’lendingactivitiesanddemandforfundsfortheChuseok holidays,which together offset write-offs and sales ofnon-performingloans. oGrowth in bank lending to large corporations slowed substantially(+3.8trillion won→+1.3 trillion won),affectedbytemporary redemptionstomanagequarter-endfinancialratios,aswell asrepaymentsfundedbycorporatebondissuance. □Therewasareversal toanetcorporate bondissuance(-1.6trillionwoninAugust 2025→+1.8 trillion wonin September;-1.3 trillion wonin September2024),ledbystronginvestmentdemandandadvanceissuanceaheadofthelongholidaysinOctober. oNetredemptionsofCPandshort-termbondsincreased(-0.8trillionwon→-1.5trillionwon),boostedbyshort-termdebtrepaymentsforquarter-endfinancialratiomanagement. 4FlowofFunds □Deposit-taking by banks grew significantly in September(+32.9trillionwonin August 2025→+31.9 trillion won in September;+18.9 trillion won inSeptember2024),ledbytransferabledeposits. oGrowth in transferable deposits accelerated substantially(+18.1trillionwon→+35.5 trillion won),driven by inflows of corporate funds forquarter-endfinancialratiomanagement. oTimedepositsshiftedtoaslightdecrease(+12.2trillionwon→-0.4trillionwon),duetolocalgovernments’fiscalexecutionandcorporatedemandforfundsaheadoftheChuseokholidays. □Fundsundermanagementatassetmanagementcompaniesshiftedtoadecrease(+15.6trillion won in August 2025→-4.2 trillion won in September;-14.6trillionwoninSeptember2024),duetohugeoutflowsfromMMFdeposits. oDeposits into MMFs declined considerably(+1.0trillion won→-28.0trillionwon),influenced by corporate fund outflows for quarter-endfinancialratiomanagementandTreasuryfundoutflowsforfiscalexecution. oMeanwhile,inflows into other types of funds,such as stock-typefunds(+2.2trillionwon→+10.9trillionwon)andotherfunds(+4.9trillio