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Seoul: Stocks, won finish onshore trade up after BOJ decision
[SEOUL] South Korean shares and the won rose after a rollercoaster session following the Bank of Japan's decision to adopt negative interest rates on central bank deposits, the latest addition to its aggressive stimulus campaign.
The Korea Composite Stock Price Index (Kospi) erased intraday losses to close up 0.3 percent at 1,912.07 points, a two-week high. In monthly terms, the KOSPI fell 2.5 per cent in January.
The local currency was quoted at 1,199.1 to the dollar at the conclusion of onshore trade, up 0.8 per cent compared to Thursday's close of 1,208.5. In January, the won fell 2.2 per cent in its third straight losing month against the greenback.
Some traders suspected foreign exchange authorities stepped in briefly to curb the won's temporary drop against the dollar after the BOJ decision to adopt negative rates.