North Korea Fires Ballistic Missile
North Korea Fires Ballistic Missile, South Korea Military Stages "Precision Strike" Exercise In Response
Nov 28, 2017 1:28 PM
Update: In response to the launch, the South Korean military has staged a "precision strike" missile exercise in response, Yonhap reports citing the JCS. Meanwhile, the Pentagon has confirmed that the North Korean launch took place at 1:30pm EST, and was still assessing.
Well, US experts did warn that North Korea could conduct another missile test "within days", and for once, US experts were right, because moments ago Yonhap reported citing South Korea's Joint Chiefs of Staff, that after a two and a half month hiatus, North Korea has fired a ballistic missile, the first such launch since September 15. The launch marks the first time North Korean has provoked the US and regional nations since US President Donald Trump labelled Pyongyang a state sponsor of terrorism.
"North Korea launched an unidentified ballistic missile eastward from the vicinity of Pyongsong, South Pyongan Province, at dawn today," the S. Korean Joint Chiefs of Staff said.
According to the report, the missile flew eastward and the South Korean military is analyzing details with the U.S. Japan's coast guard confirmed that North Korea fired a missile, which fell in the sea near Japan. The Japanese cabinet office said that the N. Korea missile could land in Japan's exclusive economic zone, and thus be seen as an act of aggression.
The missile has not been identified, though the US government has confirmed the launch. According to the Pentagon, the missile came from mobile launcher.
Seoul's military has been "closely monitoring" and "tracking possible North Korean provocations" with US partners, a spokesman for the army said Tuesday.
As a reminder, yesterday Japanese officials noticed an increase in radioactivity data suggesting another missile test might be imminent. "North Korea might launch a missile within the next few days," a Japanese government official told local media.
This may be just the first of several launches: The US and South Korean militaries are slated to hold large scale military drills from December 4 through December 8. a move which will further infuriate Pyongyang. The drills will feature more than 230 allied aircraft swarming around the Korean peninsula.
North Korea conducted its sixth and most powerful nuclear test on Sept. 3, and has launched more than a dozen missiles this year as Kim Jong Un’s regime seeks the capability to hit the continental U.S. with a nuclear weapon. The United Nations has imposed stringent sanctions on North Korea for its weapons tests.
Trump on Nov. 20 labeled North Korea a state sponsor of terrorism because of its threats of nuclear devastation and support of terrorist acts including assassinations on foreign soil. North Korea responded by saying the designation reminds the country it should keep hold of its "precious nuclear sword." On Nov. 14, the U.S. concluded strike force drills in the Western Pacific using three aircraft carriers, the first such exercise in a decade.
North Korea has routinely complained about U.S. drills in the region, using them as justification to ratchet up its own weapons program.
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In response to the launch, USDJPY has tumbled and gold surged - relatively speaking - while stocks, as usual, completely ignore all geopolitical, and any othet, news, and continue to race with bitcoin for the title of the world's biggest ever bubble.
Speaking of the market's latest non-response, while TSYs have ticked higher along with safe havens like gold (XAU), it's been a rather muted reaction, which some trading desks attributed to missile launch being was expected, although the reality is that stocks simply no longer react to geopolitical news. This is best exemplified by the virtual non response in the USDKRW 1m NDF to the news