The recent stance of the Bank of Korea is intriguing—although the Korean won continues to weaken and real estate prices remain high, putting pressure on the financial system, they still leave the possibility of further rate cuts next year. How much to cut, and how to do it, ultimately depends on inflation data, economic growth momentum, and financial risks. This means the policy could be relatively flexible and not entirely locked in. For risk assets like ZEC, this uncertainty from the central bank itself is a signal—there is still room for maneuver in the liquidity environment.