Recently, the financial market is literally facing a ‘counterattack of high interest rates’. As the monetary tightening policy in major countries, including the United States, continues longer than expected, even government bond ETFs, gold, and Bitcoin, which were classified as safe assets, are facing a decline in yields. In particular, due to the nature of bond prices and interest rates moving in opposite directions, during periods of interest rate increases, the attractiveness of existing bonds rapidly declines, causing substantial losses to investors. In fact, many investors are watching the unstable market as they cannot find a suitable alternative other than stocks, and this phenomenon is interpreted as an inevitable pain that occurs in the process of shrinking global liquidity. Experts agree that it will be difficult for the market to find rapid stability in the short term, as concerns about rising oil prices and inflation still remain.

The tension in the global financial market is also clearly evident in the actions of the Bank of Japan. The Bank of Japan recently raised its benchmark interest rate to 1% for the first time in 31 years, demonstrating its will to completely break away from the ultra-loose monetary policy it has maintained for a long time. This is based on the judgment that high oil prices and rising inflation pressures from the Middle East can no longer be ignored, and it means that Japan has also joined the ranks of global interest rate hikes. What is noteworthy is that in the process of adjusting the scale of government bond purchases, Japan announced that it would stop reducing purchases from April next year and maintain purchases at a certain level in order to calm market anxiety. This shows how much the Japanese authorities are struggling between the justification of monetary tightening and the practical benefit of stabilizing supply and demand in the bond market.

Despite these external negative factors, the Korea Exchange is accelerating its government bond futures business to establish order in the market. In relation to the 2026 December 2026 government bond futures, which will be traded from the 17th, the exchange has newly designated final settlement standard bonds for each of the 3-year, 5-year, 10-year, and 30-year bonds. This is an essential measure to help the derivatives market operate smoothly and transparently by combining virtual government bonds with a coupon rate of 5%, which are the underlying assets, and similar spot government bonds. The Korea Financial Investment Association announces the yields of relevant bonds twice a day and provides accurate indicators to market participants. Although market conditions are not easy, maintaining a solid basic financial infrastructure is the most important support for maintaining trust in the capital market.

Meanwhile, the government has brought out a new national strategy card to overcome the crisis. Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol made clear his intention to provide direct support to workers, not companies, by differentiating the earned income tax reduction benefits for employees of local small and medium-sized enterprises by region. This is a policy that reflects the government's strong will to promote local-led growth and resolve job mismatch. In addition, in order to secure financial resources for carbon neutrality and energy transition, we plan to complete the legal basis for issuing green government bonds by the first half of next year. Green government bonds, which diversify the financial resources of the climate response fund and finance eco-friendly projects, are expected to become a key financial strategy to secure Korea's future competitiveness beyond simple bond issuance.