South Korea’s government bonds declined, driving the five-year yield to the highest in more than a week, as better-than-expected U.S. data boosted stocks and reduced the appeal of sovereign debt. The won fell.
Citigroup Inc. and Industrial Bank of Korea said client information was leaked from their South Korean leasing and consumer credit units, the latest instances of data breaches at financial firms in the country.
ING Groep NV is the only bank left predicting a 2014 interest-rate cut in South Korea. There may be none soon as the call is reviewed after a Bank of Korea meeting that prompted Goldman Sachs Group Inc. to pull its forecast.
Asian currencies completed a third weekly gain, led by South Korea’s won, as global funds increased holdings of the region’s assets amid easing concern about the timing of U.S. interest-rate increases.
The Bank of Korea raised its growth forecast for this year after leaving its key rate unchanged as Governor Lee Ju Yeol said the priority is to spur Asia’s fourth- biggest economy while ensuring price stability.
South Korea’s won advanced for a third day, touching the highest level since August 2008, as minutes from the Federal Reserve eased concern about the timing of interest-rate increases, weakening the dollar.