As the South Korean economy has grown to become the fourth largest in Asia, its fortunes have become increasingly intertwined with those of Japan and to be less influenced by the U.S. With Tokyo and Washington embarking on opposite courses in monetary policy, Seoul should be watching the Bank of Japan more closely than the U.S. Federal Reserve.
South Korea's economy has been one of the best global growth stories of the past four decades. The country has transformed its economic structure, gradually reducing its dependence on industrial production and expanding its technology and services sectors, which now make a bigger contribution to gross domestic product.
