Interest Rates: When interest rates rise, bond prices typically fall. Conversely, when interest rates fall, bond prices typically rise. This is because new bonds issued will offer higher yields, making older bonds with lower yields less attractive.

Inflation: Higher inflation erodes the real value of future bond payments, leading to lower bond prices. Investors demand a higher yield to compensate for the loss of purchasing power.

Credit Rating: A downgrade in the credit rating of the bond issuer, South Korea in this case, can lead to a decrease in the bond's price. A lower rating indicates a higher risk of default.

Economic Growth: Strong economic growth can sometimes lead to expectations of higher inflation and interest rates, which can negatively impact bond prices. Conversely, weaker economic growth may lead to lower interest rates and higher bond prices.

Market Sentiment: General investor confidence or pessimism can affect bond prices. Risk aversion often leads investors to seek the safety of government bonds, increasing demand and prices. The reverse is also true.

Currency Fluctuations: As a bond issued in Korean Won, currency fluctuations affect foreign investors. A weaker Won may make the bond cheaper for them, increasing demand, while a stronger Won has the opposite effect.

Supply and Demand: Increased supply of similar bonds can depress the price of existing bonds. Conversely, strong demand for South Korean government bonds can drive prices up.

Geopolitical Risk: Global or regional political instability can increase demand for safer assets like government bonds, potentially driving up prices.