2026年1月金融市场趋势

▣Treasury bond yields rose sharply amid growing concerns overchangesindomesticandinternationalmonetarypolicy ▣The KOSPI continued its steep upward trend driven byfavorablesemiconductor industry conditions and expectationsfor ▣In January,bank lending declined for household loans(-2.0trillionwon in Dec.2025→-1.0 trillion won in Jan.2026)fora secondconsecutivemonth,while corporate loans(-8.3trillion won→+5.7 ▣Deposit-taking by banks fell sharplyin January(+7.7trillion woninDecember 2025→-50.8 trillion won in January 2026),while fundsundermanagement at asset management companies exhibited a 1InterestRatesandStockPrices □Treasurybondyieldsrosesharplyamidgrowingconcernsoverchangesindomestic and international monetary policy expectations and fiscal □Majorshort-termmarket interestrates(3-month)fell substantiallyat thebeginningoftheyearamidinstitutionalinvestors’funddeployment,but *Monetary Stabilization Bond yields increased,unlike other short-terminstruments,due to price pressures stemming from their yield decline □The KOSPI continued its steep upward trend*driven by favorablesemiconductorindustryconditionsandexpectationsforgovernmentpolicymeasures.However,volatility significantly increased in February as *After surpassing5,000onJanuary27,theKOSPIreneweditsall-timehighonFebruary3(5,371). (end-period,%,%p) 2HouseholdLoans □Bank household loans continued to decline for a secondconsecutivemonth in January,although the pace of the decrease oHome mortgage loans(-0.5trillion won→-0.6 trillion won)declinedbya similar magnitude to the previous month,reflecting banks’continuedmanagement of household lending and weaker ※Changesinjeonsedepositloans(trillionwon):-0.4inNov.2025→-0.8inDec.2025→-0.3inJan.2026(+0.4inJan.2025) oOther loans(-1.5trillionwon→-0.4trillionwon)postedonlyaslightdecline,as increased domestic and overseas stock investment Aug2025SepOctNovDecJan2026▪Apartmentsaletransactions(nationwide,10,000units)1)3.44.7 4.7 4.3 4.2..▪Apartmentsaletransactions(Seoulmetropolitan,10,000units)1)1.52.4 2.5 1.8 1.9..▪Apartmentsaletransactions(Seoul,1,000units)1)4.38.7 8.5 3.4 4.7..▪Apartmentleaseholdtransactions(nationwide,10,000units)1)4.54.7 4.3 4.9 4.8..▪Newapartmentsales(nationwide,10,000units)1.53.1 1.7 3.0 2.6 1.2▪Newlyoccupiedapartments(nationwide,10,000units)1.91.5 1.9 2.3 2.1 2.0Note:1)Transactionvolumeasofthecontractdate,basedonstatisticscompiledasofFeb.10,2026,excludingcancelledcontracts.Sources:MinistryofLand,Infrastructure,andTransport,RealEstate114. 3CorporateFunding □InJanuary,banklendingtothecorporatesectorshiftedtoanincreasemainlydue to seasonal factors(-8.3trillion won in December 2025→ oBank lending to small and medium-sized enterprises(SMEs)reversedto a rise(-6.3 trillion won→+2.3 trillion won),led by an oBank lending to large corporations increased+3.4trillion won),mainly in working capital,due to the relending □Netredemptionsofcorporatebondsexpandedtrillionwon),affected by large-scale maturities and subdued issuance oCP and short-termbonds showeda sharpincrease in net issuance(-5.3trillion won→+10.1 trillion won),influencedbythereissuance of 4FlowofFunds □Deposit-taking by banks fell sharply in January(+7.7trillion won inDecember2025→-50.8 trillion won in January 2026;-33.3 trillion won inJanuary2025),ledby transferabledeposits. oTransferabledepositsfellsharply(+39.3trillionwon→-49.7trillionwon)reflectingtheoutflowofcorporatefundstemporarilydeposited during the previous month,as well as oTimedeposits declinedslightly(-31.9trillionwon→-1.0trillionwon),asaresult of reduced incentives for banks to raise funds due toslowingloan growth and of the outflow of local government funds □Funds undermanagement at asset management companies exhibitedasharp increase(-3.9trillion won in December 2025→+91.9 trillion won inJanuary 2026;+38.1 trillion won in January 2025) oMMFsgrewsubstantially(-19.7trillionwon→+33.0trillionwon),reflectingtheredepositing of corporate funds that had been withdrawn foryear-endfinancialratiomanagementandtheinflowofexcessTreasuryfunds. oStock-type funds(+10.0trillion won→+37.0 trillion won)(+12.1trillion won→+16.2 trillion won)grewsignificantly,while bond-typefundsturnedtoarise(-6.8trillionwon→+4.2trillionwon)