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The KOSPI index has experienced a significant decline of nearly 6%, driven by geopolitical tensions related to Iran and the introduction of a more hawkish monetary policy outlook from the incoming Bank of Korea (BOK) governor. Investors are reacting negatively to the uncertainty related to Iran, as it raises concerns over regional stability and potential impacts on global oil prices. Additionally, the BOK's intent to adopt tighter monetary policies may lead to higher interest rates, which could dampen economic growth prospects in South Korea. Market confidence is shaken amid these developments, leading to widespread selling in equities. The overall sentiment is cautious as traders brace for further volatility.