Bank of Korea's tightening path against a semiconductor-heavy equity market: a widely-expected 25bp hike to 2.75% saw KRW strengthen even as KOSPI took the region's worst chip-rout hit — an FX-vs-equity divergence within the Asia risk complex. Mechanism: KRW as an Asia EM-FX/risk barometer decoupling from Korean chip-equity stress; no direct primary-tier future, transmits via the broader Asia-FX and AI-hardware channels (6A/6J as proxies, ES via chips).