The Bank of Korea's Monetary Policy Board unanimously voted on Thursday (October 22) to keep the benchmark interest rate unchanged at 3.00%, following two consecutive 25-basis-point hikes. The Bank of Korea simultaneously raised its economic growth forecasts for this year and next, stating that growth would be "significantly higher" than its August projections. Governor Shin Hyun Song reiterated the necessity of maintaining a restrictive monetary policy stance at a press conference, warning that core inflation is expected to slightly exceed the August forecast next year, emphasizing that this pause does not signify the end of the tightening cycle. Consequently, South Korea's three-year government bond yield rose by 2 basis points to 3.84%, the Korean Won appreciated by 0.3% against the US Dollar to approximately 1323, and the KOSPI index fell by over 2%. The market widely expects the Bank of Korea to raise rates again at its November meeting.