Rates dropped to record low
The Bank of Korea cut its benchmark 7-day repo rate to 1.25% from 1.50% in a surprise move.
Just one economist -- from Goldman Sachs -- predicted a cut while 17 forecast policymakers would remain on hold.
The cut came on worries that the governments push to restructured debt-laden companies will have negative impacts on the economy.
The last time the BoK cut was in June 2015.
For those not trading the Korean won, this doesn't appear to be a response to a weak global economy or a sign of broader market turmoil. It looks like a response to domestically created political pressures so there isn't much to take away.
For those who are trading the won, USD/KRW is surging, as you might expect.
