Korean retail investors known as Seohak ants (Korean retail investors buying foreign stocks) sharply reduced their U.S. stock purchases while increasing exposure to U.S. bonds. Net U.S. stock purchases rose from $632.96 million in June to $4.6424 billion in July, then fell to $1.9623 billion in August and $622.02 million as of the 28th of this month. Bond investors moved in the opposite direction, shifting from net sales of $166.58 million in June to net purchases of $888.79 million in July, $1.8213 billion in August and $1.2561 billion as of the 28th. The shift coincided with the 10-year U.S. Treasury yield rising from 4.422% at the end of June to 5.243% on the 28th. Higher yields can make bonds more attractive relative to volatile stocks, while higher interest rates raise the discount rate used to value future corporate earnings, increasing pressure on growth stocks. Analysts also cited high oil prices, inflation concerns and the prolonged U.S.-Iran war as factors worsening risk aversion. Experts cautioned that rising rates can reduce bond prices, meaning investors who sell before maturity could incur losses. Meritz Securities researcher Yoon Yeo-sam said investors should be cautious with bond investments other than holding them to maturity until concerns over prolonged high interest rates ease.