SEOUL, Feb 2 (Reuters) - South Korea’s monetary policy board warned of rising risks of financial imbalances due to a surge in asset prices across property and stock markets and a significant build up in debt, minutes of the central bank’s January meeting showed on Tuesday. In January, the Bank of Korea kept the base rate steady at a historic low of 0.5% as the policy focus shifted away from an urgent need to support the economic recovery to growing risks from a hot stock market rally and booming household debt. ADVERTISEMENT Minutes of the last meeting showed the majority of the seven board members were worried about the red-hot property market as well as surging stock prices, especially as household income and job market remained sluggish. “As the recent rise in asset prices is accompanied by a significant increase in debt, there is a high possibility that the risk of financial imbalance is accumulating,” said policymaker of the seven-member board. ADVERTISEMENT The benchmark Kospi has more than doubled since last year’s lows, while Seoul housing affordability is at its worst ever despite numerous property-cooling measures. None of the board members urged any immediate policy action, though one said current easy money policies need to be kept “until recovery momentum in the economy strengthens.” Only dissenters are identified in the minutes. (Reporting by Cynthia Kim Editing by Shri Navaratnam)