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The South Korean 10-year bond yields hit highest since December last year on Wednesday following heavy sell-off in global Treasury market.
The 10-year bond yield, which moves inversely to its price, rose 5-1/2 basis points to 2.100 percent (highest since December 2015), the yield on 20-year note jumped nearly 2 basis points at 2.140 percent and short-term 3-year bonds yield climbed 7 basis points to 1.706 percent.
The Korean bonds have been closely following developments in the U.S. debt market. The United States benchmark 10-year Treasury yield bounced to 2.22 percent for the first time in 2016.
Also, a heavy sell-off in government bonds was supported by rising expectations that the U.S. President-elect Donald Trump's policies, such as fiscal expansion and protectionism on international trade, could support growth and inflation.
Last week, the United States Republican candidate Donald Trump pinned his victory against Democrat opponent Hillary Clinton in the 2016 presidential election. Investors again revised the outlook for US interest rates after Donald Trump's victory, with the probability of a December rate hike by the Federal Reserve going from as low as 30 percent to as high as 84 percent.
Also, the fall in the number of people opting for unemployment benefits in the United States has strengthened the probability of a December interest rate hike by the Federal Reserve.
Moreover, the Bank of Korea left its base rate unchanged for a fifth straight month on Friday, as widely anticipated, amid an upswell of global uncertainty and a political scandal involving President Park Geun-hye that may mean trouble ahead for the economy.
Also, a shock win by Donald Trump in the U.S. presidential election earlier this week poses long-term risks the Bank of Korea (BOK), which it wanted to monitor carefully.
Meanwhile, The Korea Composite Stock Price Index (KOSPI) ended 0.62 percent higher at 1,979.65 points.
