Time now for an in-depth look at the market news this afternoon.
And for that, I'm joined on the line by Professor Song Sooyoung of Chung-Ang University in Seoul.
Professor Song, good afternoon. Thank you for coming back on.
Let's start with the differing approaches being taken by the central banks of China and the United States. China, for a second month in row, has cut its prime lending rate. The Federal Reserve, meanwhile, is about to start a full-fledged tightening of policy. Tell us about China and how it's going in the opposite direction, and what effects this might have on Korea's economy.
Stocks on Wall Street were down across the board again on Wednesday. The rise in bond yields has paused, but nonetheless the Nasdaq is now in correction territory, down 10 percent from its record high in November. What's the story in the global markets?
Today, like other Asian markets, Korean stocks closed higher too the KOSDAQ much higher. Part of that was the plan announced by the ICT Ministry to make Korea a leader in the emerging metaverse sector. Also, some strength in biotech, electronics. Tell us about the domestic market.
Finally, Professor, if we could talk about the situation for Korea's self-employed people. Their numbers last year declined by about 18-thousand, and that decline was concentrated in the hospitality sector. A lot of people finding themselves running restaurants and so on all alone. With the social distancing, their revenues have been slashed and they can't hire any help. Where do things stand for the self-employed and what do you see ahead for them?