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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World S.Korea govt official says time to talk about exit Reuters - Tuesday, March 23 Send IM Story Print * Bond prices turn weaker after officials' remarks * Analysts say losses exaggerated by valuation concern By Yoo Choonsik SEOUL, March 23 - The South Korean economy has recovered from the global crisis and it's time for policymakers and the public to talk about unwinding stimulus measures, a senior official in the finance ministry said on Tuesday. Bond prices fell sharply after the remarks. But analysts played down their policy significance and suggested the selloff related more to the fact that the market was ripe for profit taking after a price rally that had pushed five-year bond yields down more than half a percentage point in the past month. "There has been a strong sense of concern that the market was maybe rising too much too fast," Hwang Tae-yeon, a fixed-income analyst at Tongyang Securities. "I think the market reacted like this not because the comments indicated an immediate change in policy but because they came at this sensitive moment." Yoon Jong-won, head of the ministry's economic policy bureau, told a seminar Asia's fourth-largest economy had recovered from the crisis to a stage where a discussion should start on a so-called exit strategy, or how to reduce the extraordinary stimulus put in place during the downturn. "We had focused on escaping from the crisis, but I think we have now come to a stage at which we can think about an exit strategy that ultimately includes monetary policy," Yoon told the seminar, hosted by a ministry-affiliated research institute. "Of course, I believe the monetary policy committee will make appropriate decisions," he said. The yield on benchmark 5-year treasury bonds had fallen by 2 basis points to 4.24 percent by midday, but after Yoon's remarks they turned to rise to around 4.34 percent in over-the-counter trade late in the session, dealers said. The front position in Korean bond futures <KTBc1> dropped to below 110, its lowest level since late February. Analysts said Yoon's comments were generally in line with the ministry's previous remarks but sparked a selloff as they came at a time when most traders were bracing for strong profit-taking in response to sharp price gains. The government of President Lee Myung-bak has repeatedly said the central bank should wait before starting to raise interest rates, helping drive the 5-year treasury yield down more than half a percentage point over the past month. Finance Minister Yoon Jeung-hyun said at the seminar that private-sector economic activity was improving but did not repeat his long-held pledge that authorities would maintain accommodative economic policy for an extended period. There was no evidence from his speech that Yoon had changed his stance. Last week, the president picked the country's ambassador to the OECD, Kim Choong-soo, as central bank governor, effective April 1. Analysts and bond traders expect Kim, who has not previously worked at the Bank of Korea but has emphasised the need for it to cooperate with the government on policy, to keep the policy interest rate at a record-low 2.0 percent for most of the rest of the year. Kim told Reuters in an interview hours after the presidential office announced the appointment that it was too soon for authorities to withdraw stimulus measures. [ID:nLDE62F26Y] The first central bank policy review under Kim's leadership is due on April 9. 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