Korean exports are still accelerating and the underlying trend of challenging external environment likely extending in 2016, the softness in external oriented sectors will keep Bank of Korea accomodative.

"We maintain our view that the BoK will deliver another 25bp rate cut in Q1, ahead of the National Assembly elections in April 2016", says Barclays in a research note. 

A weak KRW bias will resume, as the government continues to encourage state entities to recycle the current account surplus by stepping up overseas loans and investments, or by stockpiling essential minerals and fuels.