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Won Gains for 2nd Day on Measured N.Korea Response: Inside Korea, By Hooyeon Kim

(Bloomberg) — South Korea’s won advances for a second day
as traders considered North Korea’s first official response to
the latest UNSC sanctions to be less-threatening than feared.
* USD/KRW falls 0.3% to 1,125.90
* North Korea’s Foreign Ministry says Wednesday it “condemns in
the strongest terms and categorically rejects” the United
Nations adding more sanctions and that it “will redouble efforts
to increase its strength”
* Note: United Nations Security Council approved a set of toned-
down sanctions against North Korea Tuesday
* “Korea’s CDS premium level is showing a stable flow which
implies North Korea’s response to the sanction was weaker than
expected,” says Kim Doo-un, an economist at Hana Financial Group
** The won is moving mostly on the weak dollar as the North
Korea risk has somewhat moved below the surface
** Investors waiting for FOMC results next week
* While underlying risks remain, the longer it goes without
another nuclear or missile test, the more positive investors
will become, writes Craig Erlam a senior market analyst at Oanda
** Expects caution to remain at least until after the weekend at
which point investors may decide that a response from North
Korea isn’t imminent
* Commercial satellite imagery from Sept. 8 shows new activity
in alternative tunnel portal areas at North Korea’s Punggye-ri
nuclear test site, according to an analyst report on the 38
North website Wednesday
* Korea’s Aug. adjusted jobless rate rises to 3.8% as employment
growth slows
* Central bank governors of S. Korea, Japan and China will meet
Sept. 13 and Sept. 14 to discuss economic and financial market
conditions, according to Bank of Korea
* 10-year govt bonds little changed at 2.26%
* International funds were net buyers of $242.7m Korea-listed
bonds on Sept. 11, according to Financial Supervisory Service;
net sellers of $96.4m Korean shares on Sept. 12, according to
Korea Exchange

To contact the reporter on this story:
Hooyeon Kim in Seoul at

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