South Korea raises rates for first time in six years

South Korea's central bank raised interest rates for the first time in more than six years on Thursday, yet tempered market expectations for more by raising concerns about the job market and other uncertainties. North Korea declared on Wednesday it had successfully tested a new intercontinental ballistic missile that put all of the US mainland within range, but markets largely ignored the news.
The Bank of Korea's Monetary Policy Board voted on Thursday to increase the benchmark rate to 1.50 percent from a record-low of 1.25 percent, ending a five-year easing cycle as a sustained export boom lifts economic growth. Board member Cho Dong-chul dissented in the 6-1 vote to raising interest rates to 1.50 percent. His dissent, along with some dovish comments, pushed the won down by more than 1 percent against the dollar to as weak as 1,090.2.