I think from a Bank of Korea's perspective, we don't believe that monetary policy alone can control the housing crisis. But on the other hand, we are mindful that ample liquidity wouldn't slow the fire. To the nearest state.

Do you need to coordinate the data? Are the government policy has to be coordinated and not in the short term, but in the longer term perspectives? And I think governments considering new supply of policies together with the many other policies. So we'll see how it's going to affect. I don't think that it's going to have a very short term impact on the crisis solved. But at least I hope to see the slow down of the rapid increase of the housing price in metropolitan area.

If you look at our close focus at this moment in six months ago, we forecast that this year growth is 0.9%, well below our potential GDP, and 1.6% for next year. We will have a new focus released in two weeks later and we'll see how much it's going to be. I mean, there's upside potential. So how much is going to be revised? And after that, we probably have to decide how we're going to adjust our monetary policy. But at this moment, given the negative output gap, still our official position is that they will maintain the easing monetary cycle. But the magnitude and timing of the cut or even the change of direction, well, it depends on the new data. We will see.

Because of rapid aging, our potential GDP growth rate is probably between 1.8% and 2%.

Some section of the bond market traders believe that. But at this moment, our bond market yields react not only to domestic factors, but also global factors such as the possibility of the US Fed decision and the dollar factors. Six months ago, many market participants believed the dollar would weaken, but now there is a division of that view too. So I think this is a difficult issue to assess because our bond market reacts to both domestic and international factors.

Yes, definitely, because surging yields affect the monetary transmission mechanism. We have cut interest rates 300 basis points since last October as part of an easing cycle. But since last August, the rise of housing prices in metropolitan areas was above our expectation, dominating our concerns. Now with new government policies and after the trade deal with the US, we have to see how much that affects economic activity. In two weeks, when we release a new economic focus, we will revisit these issues.