The South Korean won traded around 1,345 per dollar, approaching its strongest level since October 2024, as record exports and a large trade surplus drove substantial dollar inflows. September exports surged 83.5% year-on-year to a record $120.9 billion, led by a 262.8% jump in semiconductor shipments to $60.3 billion, while the trade surplus widened to a record $49.85 billion. Additionally, consumer prices rose 2.9% year-on-year in September, and petroleum prices remained elevated, leaving limited room for near-term BOK easing. Meanwhile, US Treasury yields stayed near multi-decade highs, with the 10-year yield around 5.3% and the 30-year yield near 5.6%, keeping the dollar relatively firm at its highest level in over a year. At the same time, uncertainty surrounding Korea’s trade and investment commitments with the US has increased amid disagreements over Alaska LNG and broader tariff threats.