The Governor of the Bank of Korea, Lee Chang-yeong, stated that policy changes, including direction, depend on data.

Bank of Korea Governor Lee Ju-yeol said that while the central bank is still in an easing cycle, any future timing and magnitude of interest rate changes - or policy direction - could change based on the upcoming data to be released. "Given that the output gap is negative, our official stance is to maintain an accommodative monetary policy cycle," Lee said in an interview with Bloomberg TV in Singapore on Wednesday. "But the magnitude, timing, and even direction of rate cuts will depend on the new data we will see." Lee's comments come as economists are trying to assess whether the Bank of Korea's easing cycle has already ended. Since the last rate cut in May, economic growth and consumer inflation have exceeded expectations. Meanwhile, the housing market, which poses a threat to financial stability, has seen a remarkably strong rise.