Interest Rate Changes: When interest rates rise, newly issued bonds offer higher yields, making existing bonds with lower coupon rates less attractive and decreasing their price. Conversely, falling interest rates increase bond prices.

Inflation Expectations: Higher expected inflation erodes the real value of future bond payments, leading investors to demand higher yields and pushing bond prices down. Lower inflation expectations have the opposite effect.

Economic Growth: Strong economic growth often leads to increased borrowing and higher interest rates, which can decrease bond prices. Weak economic growth may lead to lower interest rates and higher bond prices.

Credit Risk: Changes in the perceived creditworthiness of the issuer (in this case, the South Korean government) directly impact bond prices. A downgrade lowers prices, while an upgrade increases them.

Market Sentiment: Investor confidence and risk appetite influence demand for bonds. During periods of uncertainty, investors may seek the safety of government bonds, increasing their price. Increased risk appetite may reduce demand and lower bond prices.

Supply and Demand: The issuance of new KR10Y government bonds increases the supply, potentially lowering prices if demand doesn't keep pace. Conversely, strong demand exceeding supply will push prices higher.

Global Economic Conditions: Global economic factors like recessions or geopolitical instability can impact investor demand for safe-haven assets like government bonds, affecting their prices.

Central Bank Policy: Actions by the Bank of Korea, such as adjusting interest rates or implementing quantitative easing, have a significant impact on bond yields and prices.

Currency Fluctuations: Changes in the value of the Korean Won can influence foreign investor demand for KR10Y bonds, impacting their prices. A weaker Won might make bonds more attractive to foreign investors, increasing demand and prices, while a stronger Won might have the opposite effect.