Initial losses on many of the major regional indices have been reversed with the Kospi as an example turning a 2.5% loss into a 1% gain. There is talk that Japanese and Korean pension funds were buying on their respective markets in considerable size and this combined with ‘jaw-boning’ from government officials has helped to stem the bleeding.
The KRW has performed stellarly today, on the back of significant intervention from the BoK. The USD/KRW spot rate has fallen from almos 1600 to below 1550, a fall of 3%.
Gold has lost $10/oz during the Asian session, currently trading at just above $920/oz.