2025年10月金融市场趋势

▣Treasury bond yields have risen significantly since late October,amidheightened caution over financial stability and expectations ▣TheKOSPI sawalargerise,boostedbyabuoyantsemiconductorsector,improved performances at major domestic corporations, ▣Bank lending to both the household sectorSeptember2025→+3.5 trillion won in October)sector(+5.3 trillion won→+5.9 trillion won)grewbylargeramounts in ▣Deposit-takingbybanksdeclinedsignificantlyinOctoberwoninSeptember 2025→-22.9 trillionwoninOctober)managementat asset management companies increased sharply 1InterestRatesandStockPrices □Treasury bond yields have risen significantly since late October,amidheightenedcautionoverfinancialstabilityandexpectationsof □Major short-terminterest rates increased,drivenby those onbankdebentures,reflecting changing expectations of a rate cut and an □TheKOSPI sawa largerise*,boostedbya buoyant semiconductorsector,improvedperformancesatmajor domesticcorporations,and *The index passed 4,200 on Nov.3(to reach 4,221.9),hittinga record high,butlaterexhibitedsomewhathighervolatilityduetoconcernsovertheglobalovervaluationof AI-related stocks and to stock sales for profit-taking 2HouseholdLoans □Bank lendingtothehouseholdsectorgrewbyalargermargininOctoberthan in the previous month(+1.9trillion won in September oGrowth in home mortgage loans slowed(+2.5trillion won→+2.1trillionwon),due to a decrease in demand for jeonse ※Changesinleaseholddepositloans(trillionwon):+0.4inAugust2025→-0.2inSeptember→-0.3inOctober.(+0.4inOctober2024.) oOther loans reversed to show an increase (-0.5trillion won→+1.4trillionwon),led by credit loans,affected by increased domesticandforeign stock investment,increased housing transaction 2025JunJulAugSep Oct▪Apartmentsaletransactions(nationwide,10,000units)1)4.55.43.5 3.4 4.7..▪Apartmentsaletransactions(Seoulmetropolitan,10,000units)1)2.33.21.5 1.5 2.4..▪Apartmentsaletransactions(Seoul,1,000units)1)7.611.3 4.1 4.3 8.6..▪Apartmentleaseholdtransactions(nationwide,10,000units)1)5.15.14.9 4.4 4.4..▪Newapartmentsales(nationwide,10,000units)1.70.72.8 1.5 3.2 1.7▪Newlyoccupiedapartments(nationwide,10,000units)2.03.12.2 2.0 1.4 2.0Note:1)Transactionvolumeasofthecontractdate,basedonstatisticscompiledasofNov.12,2025,excludingcancelledcontracts.Sources:MinistryofLand,Infrastructure,andTransport,RealEstate114. Notes:1)Basedondepositorybanks(includingtrustaccounts).Trustaccount lendingisnot includedinsub-categoryfigures.2)Includinghousing-relatedloans,suchasloansforleaseholddeposits,movingexpenses,andintermediate payments that are not collateralized by real estate.Including loansassignedto the Korea Housing Finance Corporation as well as policy loans from theNationalHousing andUrban Fund,which aim topreserve interestrate differentials. 3CorporateFunding □BanklendingtothecorporatesectorgrewbyaslightlylargeramountinOctoberthaninthepreviousmonth(+5.3trillionwoninSeptember2025 oBank lending to SMEs grewby a larger amount+5.7trillionwon),drivenbycontinuedlendingactivitiesbymajorbanks oBank lending to large corporations showed a slight increase(+1.3trillionwon→+0.2 trillionwon),asthere-extensionofloanstemporarily □Corporatebondscontinuedtorecordanetissuance,supportedbysolidinvestordemand.However,the scale of issuance declined due tofront-loadingin September ahead of the long holiday periods in oCPandshort-termbonds(-1.5trillionwon→+0.7trillionwon)netissuance,mainly due to the reissuance of instruments temporarily 4FlowofFunds □Deposit-taking by banks declined significantly in October(+31.9trillionwon in September 2025→-22.9 trillion won in October;+8.4 trillionwoninOctober2024),mainlyduetoadecreaseintransferabledeposits. oTransferabledepositsdroppedsharply(+35.5trillionwon→-39.3trillionwon)reflectingtheoutflowofcorporatefundsthathadbeentemporarilydepositedforquarter-endfinancialratiomanagementandwithdrawals oDespitesomeoutflowofhouseholdfunds,timedepositsturnedtoaconsiderableincrease(-0.4trillionwon→+13.6trillionwon),drivenbydeposit-takingby certain banks to manage regulatory ratios and □Funds undermanagement at assetmanagement companies turnedtoasharpincrease(-4.2trillionwoninSeptember2025→+50.6trillionwonin oDepositsintoMMFsshiftedtoanincrease(-28.0trillionwon→+16.2trillionwon),duetotheredepositofcorporatefundsthathadflowedoutattheendofthepreviousquarterandtheinflowofexcessTreasuryfunds. oStock-typefundssawasubstantialriseininflowstobothdomesticandoverseasfunds(+10.9trillionwon→+22.0trillionwon),whileotherfunds(+11.5trillionwon→+9.4trillionwon)andbond-typefunds(+0.2 (changesduring period,trillion won)