韩国银行货币政策委员会会议纪要（2026年1月）

Bank of Korea Minutes of the Monetary Policy Board Meeting Ⅰ. Outline 1. Date of Meeting: Thursday, January 15, 2026 2. Place: Monetary Policy Board Meeting Room 3. Monetary Policy Board Members Present:Rhee, Chang Yong, Chairman (Governor)Shin, Sung HwanChang, Yongsung 4. Monetary Policy Board Members Absent: none 5. Participants:Kim, Eon Sung, AuditorKim, Woong, Deputy GovernorChae, Byung Deuk, Deputy GovernorKwon, Min Soo, Deputy GovernorPark, Jongwoo, Deputy Governor Ⅱ.Discussions Concerning the Monetary Policy Decision Atthe Monetary Policy Board meeting on January 15,2026,each memberexpressed their opinion about the Bank of Korea’s Base Rate decision. Allmembers expressed the view that,in overall consideration of thedomesticand international financial and economic environment,it would be Tobegin,one member of the Board expressed the view that it would beappropriate to keep the Base Rate unchanged at 2.50% at this meeting. Themember commented that the global economy had continued to showfavorablemomentum,supported by robust AI-related investment and byexpansionaryfiscal policies in major economies.In the United States,amidweaker than expected impacts from tariff measures, economic growth in 2025 isprojectedto have exceeded earlier forecasts,led by expanded AI-relatedinvestment and government tax cuts. However, as economic indicators present amixed picture, with signs of labor market cooling and inflation moderating only Themember noted that,although the domestic economy had continued torecoveron the back of exports,the overall recovery remained insufficient,asdomestic demand had been slow to pick up and the output gap was expected to particular,amid widening sectoral divergence,with the IT sector remainingbuoyant, led by semiconductors, andwith the non-IT sector remaining sluggish,heighteneduncertainty surrounding the AI industry could add to uncertaintysurrounding the outlook for the IT sector. Meanwhile, inflation does not appearto be a binding constrainton further rate cuts, as consumer price inflation has The member mentioned that domestic financial markets had remained broadlyfavorable,with the KOSPI reaching a record high and credit spreads stayingaroundtheir long-term average amid ample liquidity at financial institutions.However,the yield spread between long-and short-term interest rates haswidenedsomewhat,reflecting rises in long-term government bond yields inadvancedeconomies.Turning to the housing market,housing prices have Asfor foreign exchange markets,the member stated that the won-dollarexchange rate had declined sharply, reflecting FX authorities’ market stabilizationmeasures, but subsequently rebounded to near the level recorded at the previousmeeting,amid a rise in the US dollar index and concentrated demand for US conditions, the member judged it appropriate to hold the Base Rate unchanged atthe current 2.50% at this meeting. However, given that the real economy has yettoexhibit a sufficiently strong recovery,that the output gap is expected toremainnegative for a considerable period,and that there are no significantconcernsregarding inflation at the current level,an accommodative monetary Asecond member expressed the view that it would be appropriate to Themember projected that the global economy would sustain its moderatepaceof growth,supported by expansionary fiscal policies and by continuedinvestments related to AI. The domestic economy this year is expected to growat 1.8%, close to the potential growth rate, but divergence across sectors seems The member pointed out that the semiconductor sector, which is currently akeydriver of growth in the Korean economy,was a capital intensive industrywithrelatively limited effect on employment,and that its massive operatingprofits had not translated into job creation. While total employment is projectedto rise by 150,000 jobsthis year,net job creation by the private sector alone,excludingpublic sector employment,is expected to amount to only around market should not be delayed. The member observed that the domestic financial market remained generallystable, while the foreign exchange market, despite the large-scale current accountsurplus,continued to see a depreciation of the Korean won driven by acombination of factors. They include a slowdown in economic growth driven bystructuralfactors,limited inflows of export earnings due to overseas investment Themember noted that the government’s strong macroprudential policymeasures had helped to slow the growth in home mortgage loans. Nevertheless,thepace of increase in the prices of apartments in Seoul still remains high.Whilelending regulations are effective concerning household debt management, The member statedthat even amid the ongoing economic recovery, the FXmarketremained volatile and some areas were still seeing housing priceincreases.Considering that the current market liquidity conditions are not Athird member of the Board expressed the view that it would be The