South Korea and Philippines Act to Stabilize Markets
South Korea launched a bond buyback while the Philippines held a surprise review. These moves aim to manage market volatility linked to rising oil costs.
Central banks across Asia moved to shore up market confidence on Thursday as regional economies face mounting pressure from geopolitical instability. South Korea announced a 5 trillion won ($3.3 billion) emergency bond buyback to stabilize local markets, while the Philippines held a surprise policy meeting to signal its readiness to combat potential inflation.
These interventions are a direct response to the escalating conflict involving the United States and Israel against Iran. The war has effectively closed the Strait of Hormuz, a critical transit point for energy, causing a surge in global oil prices that has strained nations heavily dependent on fuel imports.
