SEOUL: South Korea's central bank on Wednesday cut its key interest rate to the lowest point in two years in an effort to prop up its slowing economy as it is hit by a trade spat with Japan.
The BoK lowered its key rate to 1.25 per cent from 1.5 per cent, citing contraction of global trade and"sluggishness in exports and facilities investment". "As it is expected that domestic economic growth will be moderate and it is forecast that inflationary pressures on the demand side will remain at a low level, the Board will maintain its accommodative monetary policy stance," said the central bank in a statement.The rate cut comes as the World's 11th largest economy struggles from a prolonged trade row between the US and China as well as Seoul's standoff with Tokyo originating from historical dispute.
While both are key US allies in the region, relations between the two remain heavily affected by Japan's expansionism in the first half of the 20th century, including its colonisation of the peninsula.
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