随着投资者对政策风险的担忧缓解，韩元周一升值至1美元兑1389韩元左右，弥补了上周的损失。周一确认，主要股东的门槛将保持在50亿韩元，这提供了更大的政策清晰度，进一步缓解了对潜在股市中断和相关资本外流的担忧。首尔和华盛顿之间正在进行的贸易谈判为韩元提供了额外的支持。据政府官员称，韩国已提议与美国建立“无限制”的双边货币互换安排，作为7月底达成的关税框架协议后续谈判的一部分。该提议旨在加强金融稳定，并为韩元兑美元汇率波动提供保障，特别是在首尔面临与其在美国承诺的投资计划相关的大规模资本外流的前景之际。

The South Korean won appreciated to around 1,389 per dollar on Monday, recouping losses from last week as investor concerns over policy risks eased. Monday’s confirmation that the threshold for major shareholders will remain at KRW 5 billion provided greater policy clarity, further easing concerns over potential equity market disruptions and associated capital outflows. Additional support for the won came from ongoing trade discussions between Seoul and Washington. According to government officials, South Korea has proposed establishing an “unlimited” bilateral currency swap arrangement with the US as part of its follow-up negotiations on a tariff framework deal agreed in late July. The proposal is aimed at strengthening financial stability and providing a safeguard against volatility in the won-dollar exchange rate, particularly as Seoul faces the prospect of sizable capital outflows linked to its pledged investment package in the US.

基准韩国综合股价指数周一上涨0.1%，至3401点左右，首次突破3400点大关，并保持在创纪录水平，这得益于美联储降息押注和国内税收政策的缓解。对美联储将在本周会议上降息25个基点的预期提振了全球风险偏好，投资者也在关注进一步宽松步伐的信号。在国内，政府决定维持大股东资本利得税的50亿韩元门槛，这与李总统最近的承诺相一致，缓解了人们对更高负担的担忧，并鼓励了外国资本流入。在企业方面，SK海力士（+0.2%）和三星电子（+1.9%）等重量级芯片制造商的上涨，在对人工智能相关需求的乐观情绪的支持下，为该指数提供了支撑。尽管如此，获利回吐限制了进一步的进展，LG能源解决方案（-0.1%）和现代汽车（-2.9%）亏损。

The benchmark KOSPI rose 0.1% to around 3,401 on Monday, surpassing the 3,400 mark for the first time and holding at record levels, supported by Fed rate-cut bets and relief over domestic tax policy. Expectations that the US Federal Reserve will deliver a 25-basis point rate cut at its meeting this week bolstered global risk appetite, with investors also watching for signals on the pace of further easing. Domestically, the government’s decision to maintain the KRW 5 billion threshold for large shareholder capital gains tax, in line with recent pledges from President Lee, eased concerns over higher burdens and encouraged foreign inflows. On the corporate front, gains in heavyweight chipmakers such as SK Hynix (+0.2%) and Samsung Electronics (+1.9%), backed by optimism over AI-related demand, lent support to the index. Still, profit-taking limited further advances, with losses from LG Energy Solution (-0.1%) and Hyundai Motor (-2.9%).

周五，韩元升值至1388韩元左右，由于美国最新通胀数据公布后，对美联储降息的押注越来越多，美元汇率有所回落。8月份CPI月环比上涨0.4%，年环比上涨2.9%，仍高于美联储2%的目标，鉴于劳动力市场疲软，投资者认为该数据足够温和，可以在9月份的会议上保持政策转变的前景。在国内，韩国总统李明博取消了修改股票投资资本利得税的计划，并警告称这一变化威胁到市场稳定。在散户投资者强烈反对之后，这一逆转缓解了政策的不确定性，提振了市场情绪。

The South Korean won appreciated to around 1,388 on Friday, as the greenback eased amid growing bets on Fed rate cuts following the latest US inflation data. With the CPI posting a 0.4% monthly increase and a 2.9% annual gain in August, still above the Fed’s 2% target, investors interpreted the data as moderate enough to keep alive prospects of a policy shift in its September meeting, given labor market weakness. Domestically, President Lee Jae Myung scrapped plans to revise the capital gains tax on stock investments, warning the change threatened market stability. The reversal, which followed backlash from retail investors, eased policy uncertainty and lifted sentiment.

基准韩国综合股价指数周五上涨0.89%，至3373点左右，连续第八个交易日上涨，科技和半导体股领涨，与华尔街隔夜上涨同步。CPI显示8月份通胀率较上月上升0.4%，同比上升2.9%，仍高于美联储2%的目标，但被视为温和到足以允许政策转变，尤其是考虑到最近劳动力市场疲软的迹象，投资者信心受到提振。在国内方面，韩国总统李明博取消了修改股票投资资本利得税的计划，称此举有可能破坏市场。降低“大股东”门槛的提议引发了散户投资者的强烈反对，其退出缓解了政策的不确定性，增加了对股市的支持。Kakao Corporation（6.51%）、SK海力士（4.40%）和三星电子（1.91%）上涨，而起亚公司（-1.03%）和现代汽车（-0.67%）下跌。

The benchmark KOSPI rose 0.89% to around 3,373 on Friday, marking its eighth straight session of gains, as technology and semiconductor stocks led the rally in step with overnight Wall Street advances. Investor confidence was buoyed after the CPI showed inflation rising 0.4% in August from the prior month and 2.9% year-over-year—still above the Fed’s 2% target but viewed as moderate enough to allow a policy shift, especially given recent signs of weakness in the labor market. On the domestic front, President Lee Jae Myung scrapped plans to revise the capital gains tax on stock investments, saying the move risked undermining the market. The proposal to lower the threshold for 'large shareholders' had sparked backlash from retail investors, and its withdrawal eased policy uncertainty, adding support to equities. Gains were seen from Kakao Corporation (6.51%), SK Hynix (4.40%), and Samsung Electronics (1.91%), while Kia Corporation (-1.03%) and Hyundai Motor (-0.67%) posted losses.