South Korean CPI (Aug YY) 3.1% vs. Exp. 3.2% (Prev. 2.8%)

The distinction that matters for won rates and KTBs is whether the pickup from the prior month sits in food and energy, which the BOK has tended to look through, or in core and services, which has driven policy responses in past episodes of re-acceleration. The BOK has a record of flagging currency pass-through as an inflation risk when the won is under pressure, so the print reads differently depending on where USDKRW sits at release, with weakness amplifying the hawkish interpretation. Follow-ons worth noting are the core gauge released alongside, any BOK commentary in the days after, and how the print positions the board ahead of its next rate decision, where the split between holding for FX stability and easing for a soft domestic economy has been the recurring tension. A marginal miss of this size, against an accelerating prior, fits the pattern of releases that shift expectations at the margin rather than reprice the path.