Journalist

Chang Seon-a
  • Bank of Korea to Issue Up to 6.6 Trillion Won in Monetary Stabilization Bonds in May
    Bank of Korea to Issue Up to 6.6 Trillion Won in Monetary Stabilization Bonds in May The Bank of Korea said on the 23rd it plans to issue up to 6.6 trillion won ($) in Monetary Stabilization Bonds next month. It will sell 6 trillion won through competitive bidding and 500 billion to 600 billion won through subscription-based sales. Competitive auctions will be held seven times: four auctions for 91-day bills (May 4, 11, 18 and 26) and one each for 1-year (May 13), 2-year (May 6) and 3-year (May 20) maturities. The subscription auction is set for May 27. For early redemptions, the central bank will auction 1 trillion won on May 8 and 2 trillion won on May 19.* This article has been translated by AI. 2026-04-23 17:27:15
  • Budget Planning Minister Park Hong-geun Pledges Stronger Role for Cooperatives in Public Services
    Budget Planning Minister Park Hong-geun Pledges Stronger Role for Cooperatives in Public Services Park Hong-geun, minister of the Office of Planning and Budget, said he will actively support cooperatives so they can strengthen essential parts of people’s lives and play an integrated role linking local economies with welfare and care services. On the 23rd, Park visited the Salim Medical-Welfare Social Cooperative to review how cooperatives in the medical and care sectors are operating and to hold a policy meeting with cooperative officials. Participants included local council representatives and field workers from medical and care, housing, energy, education, employee and youth cooperatives. They discussed ways to revitalize the cooperative sector. The planning office previously set out five strategies under the “5th Basic Plan for Cooperatives (2026–2028),” branded S.M.I.L.E: Scale-up and competitiveness, Mutual cooperation and solidarity, Identity, Local community participation, and Efficiency. The meeting focused on how to apply those strategies in the field. Park said the government plans to flesh out key mid- to long-term tasks for cooperative development, including expanding the supply of public services in local communities and revitalizing federations. He added that support will extend beyond medical and care services to areas such as housing and village management, education and energy. He also said the government will work to create conditions for capable cooperative experts to be active by strengthening education and revitalizing federations, and will seek institutional improvements with relevant ministries so company employees can acquire and pass on businesses through cooperatives.* This article has been translated by AI. 2026-04-23 16:07:35
  • 1 in 5 South Korean Wage Workers Earn 2 Million Won or Less a Month, Data Show
    1 in 5 South Korean Wage Workers Earn 2 Million Won or Less a Month, Data Show Employment in the second half of last year was concentrated in service industries such as residential care facilities and restaurants, and 1 in 5 wage workers earned 2 million won or less per month, according to official data. The National Data Agency said in its report, “2025 second-half regional employment survey: characteristics of employed persons by industry and occupation,” that as of October in the second half of last year, residential care facilities were the largest of 234 detailed industry categories, with 1.77 million workers, or 6.1% of the total. Restaurants followed with 1.692 million workers (5.8%), and crop cultivation ranked third with 1.297 million (4.5%). Compared with a year earlier, employment rose most in residential care facilities, up 177,000, followed by hospitals, up 47,000, and clinics, up 39,000. The biggest declines were in crop cultivation, down 109,000, building construction, down 65,000, and interior construction and building finishing, down 33,000. By age, restaurants accounted for the largest share of employment among young people ages 15-29 (10.6%) and those ages 30-49 (4.6%). Among those 50 and older, residential care facilities had the largest share (9.8%). By employment status, regular employees were most concentrated in manufacturing (21.9%), followed by health and social welfare services (12.4%) and wholesale and retail trade (9.5%). For temporary and daily workers, the largest shares were health and social welfare services (19.5%), accommodation and food services (13.9%) and construction (9.7%). For nonwage workers, the largest shares were agriculture, forestry and fishing (20.9%), wholesale and retail trade (16.8%) and accommodation and food services (13.0%). The number of wage workers totaled 22.488 million in the second half of last year, up 311,000 from a year earlier, the agency said. By monthly pay, 9.8% earned less than 1 million won, 10.0% earned 1 million to less than 2 million won, 30.0% earned 2 million to less than 3 million won, 22.3% earned 3 million to less than 4 million won, 11.5% earned 4 million to less than 5 million won, and 16.5% earned 5 million won or more. From a year earlier, the share earning 5 million won or more rose 1.1 percentage points. The shares earning 4 million to less than 5 million won and 3 million to less than 4 million won each rose 0.4 points, and the share earning less than 1 million won rose 0.2 points. The shares earning 2 million to less than 3 million won and 1 million to less than 2 million won fell 1.6 points and 0.5 points, respectively, suggesting a widening gap between low- and high-wage workers. The share of workers earning 1 million won or less a month was highest in health and social welfare services (29.2%), accommodation and food services (23.5%), and public administration, defense and social security administration (18.4%). The share earning 5 million won or more was highest in finance and insurance (38.0%), professional, scientific and technical services (35.8%), information and communications (34.8%), and manufacturing (24.0%).* This article has been translated by AI. 2026-04-23 12:06:17
  • Finance Minister Koo, BOK Gov. Shin stress fiscal-monetary coordination amid Mideast uncertainty
    Finance Minister Koo, BOK Gov. Shin stress fiscal-monetary coordination amid Mideast uncertainty Deputy Prime Minister and Finance and Economy Minister Koo Yun-cheol met for breakfast with Bank of Korea Gov. Shin Hyun-song on April 23 and said “close consultations through policy coordination between fiscal and monetary policy are important.” The meeting came two days after Shin took office on April 21. It was arranged to congratulate him and strengthen cooperation between the government and the central bank. Ahead of the talks, Koo said the economy has faced difficulties since the second half of last year and that Shin’s arrival would be “a great help.” He said volatility remains high and stressed the need for close coordination with monetary policy. Shin said the situation in the Middle East is ongoing and uncertainty is high, adding that the BOK would respond actively on market stability and foreign exchange issues. He said he would also stay in frequent contact on longer-term structural issues and institutional improvements. The two sides shared views on recent economic conditions and exchanged opinions on policy responses. With uncertainty from the Middle East war persisting, they said risks have increased from high oil prices and supply-chain instability, raising downside pressure on growth and the risk of higher inflation. They agreed to run fiscal and monetary policy in a coordinated way. They also agreed to strengthen cooperation in responding to financial and foreign exchange market instability, closely monitoring volatile conditions. They said they would push won internationalization through measures including a 24-hour foreign exchange market and building an offshore won settlement system, while working to improve market structure. On medium- and long-term tasks, they shared the view that structural reforms are important to boost growth potential and ease polarization. They also exchanged views on directions for key initiatives including artificial intelligence, the green transition and a “super-innovation economy.” Koo asked the BOK to use its research capacity to provide in-depth analysis and policy recommendations on structural reforms, and Shin said he would contribute actively. They agreed to keep close communication through existing channels, including market-monitoring meetings, and to meet as needed to reinforce cooperation between the government and the central bank. After the meeting, Shin told reporters that they discussed the exchange rate “broadly.” Asked about first-quarter gross domestic product growth of 1.7%, the highest in five years, he said it showed the resilience of the Korean economy.* This article has been translated by AI. 2026-04-23 09:41:13
  • Finance Minister Koo, Bank of Korea Gov. Shin pledge closer policy coordination
    Finance Minister Koo, Bank of Korea Gov. Shin pledge closer policy coordination Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol and Bank of Korea Gov. Shin Hyun-song met for the first time on the 23rd and reaffirmed their commitment to coordinate monetary and fiscal policy. Before their breakfast meeting at the Korea Federation of Banks building in central Seoul, Koo said it was important for the Ministry of Economy and Finance and the central bank to “combine policies organically” and communicate closely. He said they would meet and consult as needed. The meeting came two days after Shin took office, the earliest such meeting on record between a deputy prime minister and a Bank of Korea governor. It was arranged to congratulate Shin and exchange greetings. Koo said the economy has faced difficulties since the second half of last year and that Shin’s arrival would be a major help. He said volatility remains high and that close consultations through coordination with monetary policy are essential. With financial and foreign-exchange markets volatile, Koo said the exchange rate is an issue the ministry and the central bank must address more closely. He also asked the central bank to share ideas on structural reform and boosting growth potential, noting its research capacity. Shin said uncertainty remains high as the situation in the Middle East continues, and that the Bank of Korea would respond actively on market stability and foreign-exchange issues. He said it was important to balance trade-offs between growth and inflation. He added that he would stay in frequent contact not only on immediate issues but also on long-term structural challenges and institutional improvements. 2026-04-23 08:19:46
  • South Korea Consumer Sentiment Falls Below 100 as Mideast War, Inflation Fears Grow
    South Korea Consumer Sentiment Falls Below 100 as Mideast War, Inflation Fears Grow Rising geopolitical risk tied to the war in the Middle East, along with inflation worries, pushed consumer sentiment below its long-term average for the first time in a year. According to the Bank of Korea’s consumer survey released on the 23rd, the April Consumer Composite Sentiment Index, or CCSI, fell 7.8 points from the previous month to 99.2. It was the first reading below the benchmark 100 since April last year. The CCSI is calculated from six components: current living standards, outlook for living standards, outlook for household income, outlook for consumer spending, assessment of current business conditions and outlook for business conditions. A reading above 100 indicates sentiment is more optimistic than the long-term average for 2003–2024; below 100 indicates pessimism. All six components declined. The index for assessment of current business conditions fell 18 points to 68, reflecting factors including disruptions to energy supplies. The outlook for business conditions dropped 10 points to 79 on concerns about rising prices and a slowing economy. The outlook for living standards fell 5 points to 92. Current living standards slipped 3 points to 91, the outlook for household income fell 3 points to 98, and the outlook for consumer spending dropped 3 points to 108. “Exports are showing a solid trend, but higher energy prices and supply disruptions stemming from the war in the Middle East, along with broader domestic and external uncertainty, affected consumer sentiment,” said Lee Heung-hoo, head of the Bank of Korea’s economic sentiment survey team. Separately, the outlook for interest rates rose 6 points to 115, reflecting higher market and lending rates and inflation concerns. The housing price outlook, which measures expectations that home prices will rise over the next year, climbed 8 points to 104. The bank cited continued gains in Seoul apartment sale prices, led by outlying areas, and worries that the Middle East war could push up construction costs and presale prices. Expected inflation for the next year rose 0.2 percentage points from the previous month to 2.9%, influenced by concerns about price increases tied to supply disruptions in raw materials such as crude oil. Perceived consumer inflation over the past year was unchanged at 2.9%.* This article has been translated by AI. 2026-04-23 06:03:20
  • South Korea to Normalize Q2 Treasury Bond Issuance as Foreign Inflows Rise
    South Korea to Normalize Q2 Treasury Bond Issuance as Foreign Inflows Rise The government decided to return to normal issuance of Korean Treasury bonds and other public-sector bonds in the second quarter. The Finance and Economy Ministry said it held the second meeting of a consultative group of bond-issuing agencies on the 22nd, chaired by Hwang Sun-gwan, director general of the Treasury Bureau, to discuss second-quarter issuance plans. For Korean Treasury bonds, issuance for May and June will be set within the first-half target range of 55% to 60%. Issuance of major public-sector bonds other than Treasury bonds in the second quarter is expected to rise by about 6 trillion won from the original plan. The government and issuing agencies had previously agreed to scale back first-quarter issuance to stabilize markets ahead of inclusion in the World Government Bond Index, or WGBI. A review of first-quarter results showed Treasury bond issuance came in at 61.5 trillion won, the minimum level within the 27% to 30% target range, at 27.5%. For public-sector bonds excluding Treasury bonds, issuance was reduced by about 7 trillion won from the original plan. The government said it decided to normalize second-quarter issuance after judging that Treasury yields have stabilized on a downward trend despite uncertainty such as the Middle East war and inflation concerns, and that foreign investment inflows have been smooth since WGBI inclusion. Foreign investors’ net purchases of Treasury bonds totaled 8.5 trillion won on a trade-date basis from March 30 through April 21, and 6.4 trillion won on a settlement-date basis from April 1 through April 21. Given that most public-sector bonds are short-term issues with maturities of three years or less, the government said it plans to increase the share of medium- to long-term Treasury bonds with maturities of five years or more in the second quarter to minimize supply-demand pressure on the market. Hwang said, “Since April, the bond market has stabilized with the steady inflow of WGBI funds, but external uncertainty still exists, so monitoring market conditions and coordination among agencies are necessary.” He added, “If needed, we will hold meetings as necessary to consult and adjust issuance volumes and timing.”* This article has been translated by AI. 2026-04-22 17:22:22
  • Park Hong-geun says governments Vision 2045 plan will differ from past strategies
    Park Hong-geun says government's 'Vision 2045' plan will differ from past strategies Minister Park Hong-geun of the Ministry of Planning and Budget said April 22 that the government’s mid- to long-term national development strategy, “Vision 2045,” being prepared for release by year’s end, will “clearly differentiate itself from existing mid- and long-term plans.” Park made the remarks at a full meeting of the 7th Mid- to Long-Term Strategy Committee at the Korea Press Center in Jung-gu, Seoul. It was his first time attending the committee since taking office. He said South Korea is facing “complex and structural crises,” including a major shift driven by artificial intelligence, low growth, the climate crisis and regional population decline. Responding to structural problems, he said, requires setting clear directions and goals and pursuing them consistently. Park also cited “Vision 2030,” announced in 2006, saying it produced results that carried into actual policies such as child allowances and the earned income tax credit, but had limits, including in its timing and fiscal investment plans. “It is important to build a mid- to long-term national development strategy that looks 20 to 30 years ahead through a whole-of-government approach by bringing together the public’s capabilities,” Park said. He added that detailed steps for policy tasks now being discussed by the 7th committee will later be reflected in the national strategy. Kwon Oh-hyun, chair of the 7th committee, said the current system was effective through the industrialization era and in helping the country join the ranks of advanced nations, but has limits in enabling a leap to become a global leading country. He urged the government to step up regulatory reform.* This article has been translated by AI. 2026-04-22 16:14:56
  • South Korea to Ease Stock Trading, Settlement Rules to Attract Foreign Investors
    South Korea to Ease Stock Trading, Settlement Rules to Attract Foreign Investors The government is accelerating efforts to upgrade stock trading and settlement infrastructure to draw more foreign portfolio investment. The Finance and Economy Ministry said it held the third advisory committee meeting on expanding foreign securities investment at the Korea International Finance Center on Tuesday, where participants discussed institutional reforms in stock trading and settlement. Moon Ji-seong, the ministry’s director general for international economic management, said global investors’ interest in South Korea’s financial markets has grown as the government has advanced foreign-exchange and capital-market systems. He said the government has been actively communicating its policy direction through recent investor roadshows, including a New York presentation by the deputy prime minister for the economy and a briefing for Japanese investors on government bonds. Moon said that after South Korea’s inclusion in the World Government Bond Index in April, foreign inflows into the government bond market have continued, making it important for the stock market to meet global standards as well. At the meeting, the government outlined progress on stock and settlement measures in its broader foreign-exchange and capital-market roadmap aimed at inclusion in MSCI’s developed markets index. The steps include allowing overseas funds to open accounts through global custodian banks to improve trading convenience for foreign investors. The ministry also highlighted a change allowing real-name verification for account opening using only a confirmation document for a Legal Entity Identifier issued by the Korea Securities Depository. Since the service began on April 1, it has logged about 160 cases in roughly two weeks, the ministry said. Moon said the government will closely review suggestions raised by advisers and prepare follow-up measures to address investor difficulties. He added that it will strengthen efforts to ensure the purpose and progress of the reforms are delivered to the market accurately and in a timely manner.* This article has been translated by AI. 2026-04-22 15:10:17
  • Korea’s Resident Foreign-Currency Deposits Post Record $15.37B Drop as Won Slides Into 1,500s
    Korea’s Resident Foreign-Currency Deposits Post Record $15.37B Drop as Won Slides Into 1,500s Resident foreign-currency deposits in South Korea posted their biggest monthly drop on record last month as the won-dollar exchange rate surged and moved in the 1,500-won range. The Bank of Korea said increased demand for currency exchange and outflows tied to overseas investment both weighed on balances. According to the central bank’s “Trends in Resident Foreign-Currency Deposits” released on April 22, resident FX deposits at foreign-exchange banks totaled $102.17 billion at the end of March, down $15.37 billion from a month earlier. Resident FX deposits refer to foreign-currency deposits held domestically by Korean nationals and companies, foreigners who have lived in South Korea for at least six months, and foreign companies operating in the country. The balance rose in November last year (+$1.7 billion) and December (+$15.9 billion), then fell in January (-$1.4 billion) and February (-$490 million). By currency, dollar deposits totaled $85.64 billion, down $10.36 billion. The central bank cited stronger corporate demand for won and larger currency conversions as the exchange rate rose to 1,530.1 won per dollar at the end of March from 1,439.7 at the end of February. It also pointed to declines in securities firms’ client deposits, overseas investment execution and payments for current transactions. Euro deposits fell $3.28 billion to $6.31 billion, reflecting settlement remittances to overseas parent companies. Yen deposits declined $1.49 billion to $7.82 billion due to securities firms’ client deposits and current-transaction payments. By holder, corporate deposits dropped $13.43 billion to $86.8 billion, while individual deposits fell $1.93 billion to $15.37 billion. By bank type, FX deposits at domestic banks decreased $11.36 billion to $87.24 billion. Deposits at local branches of foreign banks fell $4.0 billion to $14.93 billion.* This article has been translated by AI. 2026-04-22 12:04:47