Journalist

Kim Yu-jin
  • South Korea joins US-led talks on critical minerals
    South Korea joins US-led talks on critical minerals SEOUL, January 13 (AJP) - South Korea’s deputy prime minister and finance minister, Koo Yun-cheol, joined counterparts in Washington on Monday for talks aimed at strengthening cooperation on critical minerals, the ministry said Tuesday. Participants at the meeting of finance ministers agreed on the need for swift action to address risks in the supply of minerals essential to advanced manufacturing, clean energy and defense industries. U.S. officials urged countries to move beyond statements of intent and commit to concrete investment, emphasizing a strategy of “de-risking” rather than decoupling from existing supply chains, the ministry said. Washington also proposed deeper coordination among allied and partner economies to improve supply-chain resilience. In an open session, Koo highlighted South Korean companies’ strengths in critical-minerals processing and argued that global value chains should be reinforced by linking countries’ comparative advantages. He also stressed the growing importance of recycling critical minerals as a means of restoring supply stability and called for the creation of a forum that would allow companies to pursue cooperation centered on specific projects. Resource-rich countries, including Canada and Australia, expressed strong interest in technology cooperation with South Korea, particularly in refining and recycling, as part of efforts to build more resilient critical-minerals supply chains, the ministry said. 2026-01-13 10:10:29
  • South Korea to import eggs, cut mackerel prices as it targets rising living costs
    South Korea to import eggs, cut mackerel prices as it targets rising living costs SEOUL, January 07 (AJP) - South Korea will move to stabilize prices of fresh eggs and mackerel as part of broader efforts to curb rising living costs, the finance ministry said on Wednesday. Deputy Prime Minister and Finance Minister Koo Yun-cheol said the government has begun procedures to import 2.24 million fresh eggs and supply them to the domestic market in January, responding to a growing cull of laying hens amid the spread of avian influenza. Authorities will also consider lowering egg delivery prices depending on supply and demand conditions, he said. In addition, the government plans to import more than 7 million fertilized eggs for broiler hatching to expand chicken supply. To stabilize seafood prices, the government will support discounts of up to 60 percent on mackerel starting Wednesday, Koo said, adding that authorities plan to diversify import sources currently concentrated in Norway. The government will also expand the release of stockpiled seafood in processed forms so products can be sold immediately to consumers. Koo was speaking at a meeting held at the Government Complex Seoul, where officials discussed steps to strengthen price management and improve distribution. Koo said the government would work with relevant ministries to structurally stabilize food prices and improve livestock distribution and competition, with a detailed plan to be announced next week. 2026-01-07 16:29:42
  • Lee encourages Oceans Ministry staff with hearty meals
    Lee encourages Oceans Ministry staff with hearty meals SEOUL, January 7 (AJP) - President Lee Jae Myung has sent pizza to encourage staff at the Ministry of Oceans and Fisheries which was relocated to the southern port city of Busan recently, the ministry said on Wednesday. The relocation from the administrative city of Sejong, which was finalized last month, was part of Lee's campaign pledges during last year's presidential election, aimed at taking the lead in the era of Arctic shipping routes while fostering new growth engines. It is also part of broader efforts to promote balanced regional development across the country, beyond Sejong, where most ministerial offices and other government agencies have been relocated since 2012. The ministry explained that the surprise pizza delivery was meant to encourage staff and other officials for their efforts during the relocation. Lee previously made similar deliveries of hearty meals to other ministries last year. 2026-01-07 10:04:51
  • South Korea weighs expanding tax-free repatriation accounts to include bonds and cash
    South Korea weighs expanding tax-free 'repatriation' accounts to include bonds and cash SEOUL, December 28 (AJP) - The South Korean government is actively reviewing a plan to expand the scope of its proposed tax-exempt "Return-to-Domestic-Market Accounts" (RIA) to include bond exchange-traded funds (ETFs) and cash holdings, officials said Sunday, a move designed to accelerate capital repatriation and stabilize the currency. This follows the government's announcement on December 24 that it would waive capital gains taxes on overseas stocks for investors who sell their foreign holdings and reinvest the proceeds into South Korean equities for at least one year. The original policy aimed to catch two birds with one stone, stabilizing the exchange rate and boosting the domestic stock market. However, officials have acknowledged the practical difficulty of expecting investors to shift immediately from high-performing overseas assets to the volatile domestic stock market. Recognizing that such a switch requires a certain level of expected return, the government is now discussing detailed measures to lower the barrier to entry. According to government sources on Sunday, the revised plan under consideration would allow investors to park their repatriated funds in bond ETFs or mixed stock-and-bond ETFs and still qualify for the tax break. Furthermore, to maximize the currency-stabilizing effect of converting dollars to won, authorities are reportedly discussing granting the tax benefit even if the funds are simply held as won-denominated cash within an RIA. This potential expansion signals a strategic shift, prioritizing exchange rate stability over immediate stock market boosting amid a prolonged period of a weak won. To improve investor convenience, the RIA system is being designed to allow portability across financial institutions. Investors would be permitted to open only one RIA across all brokerages, but they could, for example, sell overseas stocks at Brokerage A and transfer the proceeds to an RIA at Brokerage B to buy domestic assets. Brokerages are expected to launch RIA products by next February. Regulators are also rushing to devise safeguards against tax avoidance. Online investment communities have already begun sharing "cherry-picking" strategies, such as selling overseas stocks to claim the RIA tax break while simultaneously selling existing domestic holdings to repurchase foreign stocks. While the government is reviewing options to reduce or deny benefits for transactions deemed to be for tax avoidance purposes, there are concerns about the administrative burden. Monitoring investors' entire trading histories across different accounts could make the RIA design overly complex and require significant resources. Despite these challenges, market observers remain optimistic about the potential capital inflow. They draw parallels to the 2016~2017 period, when the government introduced tax-free overseas stock funds to encourage capital outflow during a low-exchange-rate era. That initiative attracted approximately 4 trillion won ($2.8 billion), or about 10 percent of the total overseas investment scale at the time. Given the significantly larger volume of overseas investment today, analysts believe that even if the inflow ratio falls below 10 percent, the absolute amount of capital returning to the domestic market could still be substantial. 2025-12-28 10:57:14
  • Foreign jobs hit record high in South Korea, exceeding 1.1 million
    Foreign jobs hit record high in South Korea, exceeding 1.1 million SEOUL, December 18 (AJP) - Foreign employment in South Korea has exceeded 1.1 million for the first time, driven by a sharp increase in international students and nonprofessional workers, government data showed on Thursday. According to the Ministry of Data and Statistics’ 2025 survey on foreign employment, the resident foreign population stood at 1.692 million this year, up 132,000, or 8.4 percent, from a year earlier. The rate of working foreign residents rose 1.4 percentage points to 70 percent, exceeding 1.1 million for the first time. Growth was driven mainly by international students, whose employment rose by 23,000, and holders of nonprofessional employment visas, up 18,000. The number of unemployed foreign residents also increased by 15,000. Nearly 90 percent of foreign residents, or 89.8 percent, said they intend to remain in South Korea. By nationality, the largest groups among nonprofessional employment visa holders were from Cambodia and Nepal, each with 47,000 workers, followed by Vietnam with 39,000. Respondents said they chose South Korea because of relatively high wages and favorable working conditions. As of May, Vietnam accounted for the largest number of international students in South Korea, at about 100,000, followed by China with 45,000 and Uzbekistan with 17,000. Students cited South Korea’s strong education programs and interest in their fields of study as key reasons for choosing the country. 2025-12-18 14:20:53
  • Oceans Minister offers to step down amid bribery allegations
    Oceans Minister offers to step down amid bribery allegations SEOUL, December 11 (AJP) - Minister of Oceans and Fisheries Chun Jae-soo resigned on Thursday, just a few days after allegations emerged that he accepted bribes from the powerful Unification Church, better known as the Moonies. The church is suspected of bribing a slew of lawmakers from both the ruling Democratic Party (DP) and the main opposition People Power Party (PPP) to allegedly secure various favors including its long-pursued dream of constructing an underwater tunnel between South Korea and Japan. Speaking at Incheon International Airport upon his arrival from an overseas trip, Chun said, "Stepping down is the right thing to do as a public official." But Chun, one of close aides of President Lee Jae Myung, denied all the allegations, calling them "groundless," and stressed that the "government should not be shaken." "This will be clarified through investigations," he added. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-11 10:08:09
  • Seoul heralds record government debt pipeline for 2026
    Seoul heralds record government debt pipeline for 2026 SEOUL, December 10 (AJP) - South Korea plans to issue a record volume of treasury bonds next year, raising oversupply concerns on the tepid debt market. According to 2026 pipeline, the Ministry of Economy and Finance intends to issue 225.7 trillion won in treasury bonds. Although the figure is 5.4 trillion won lower than this year’s issuance, the net increase in outstanding debt will reach 109.4 trillion won—25.7 trillion won more than the previous year and potentially the largest annual rise on record. This year’s experience shows how tentative such plans can be: the government initially targeted 201.3 trillion won in issuance but ultimately expanded the total to 231.1 trillion won after a supplementary budget, raising the likelihood that next year’s issuance could also exceed its projected ceiling. The surge in government borrowing is expected to push the national debt-to-GDP ratio above 50 percent for the first time, rising from 49.1 percent this year to 51.6 percent next year. The International Monetary Fund has warned that South Korea’s debt ratio could climb to 130 percent by 2050 if the current trajectory continues, a level that would severely constrain fiscal flexibility. A larger supply of treasury bonds typically places upward pressure on yields, and analysts warn that higher market interest rates could feed into bank lending rates, raising borrowing costs for businesses and households at a time when the domestic economy remains fragile. The three-year government bonds yield 3.058 percent and five-year papers 3.259 percent, widening the spread with the base rate of 2.50 percent. The burden of rising borrowing rates is apparent in the banking sector. As of the third quarter, non-performing loans at the four major banks—KB Kookmin, Shinhan, Hana, and Woori—rose 27.3 percent from the end of last year to 2.9 trillion won. Corporate loan NPLs increased 29 percent to 1.98 trillion won, while household loan NPLs climbed 23.7 percent to 923.4 billion won. The market however is not without an upside. The country’s forthcoming inclusion in the FTSE World Government Bond Index is expected to draw between $50 billion and $80 billion in global investment as passive funds adjust their portfolios to include Korean sovereign bonds. Kim Han-soo, a researcher at the Capital Market Research Institute, said the move would help stabilize financing conditions by attracting long-term foreign investors who have recently retreated due to the won’s depreciation and the widening interest-rate differential with the United States. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-10 11:01:17
  • South Korea to host 4th UN Ocean Conference in 2028
    South Korea to host 4th UN Ocean Conference in 2028 SEOUL, December 10 (AJP) - South Korea will host the 4th United Nations Ocean Conference in June 2028 after the UN General Assembly adopted a resolution endorsing the bid in New York on Dec. 9, the Ministry of Oceans and Fisheries and the Ministry of Foreign Affairs said Wednesday. The UN Ocean Conference, held every three years, is the world’s largest high-level maritime meeting, focused on implementing Sustainable Development Goal 14, which seeks to conserve and sustainably use the oceans and marine resources. Organizers expect about 15,000 participants from the UN’s 193 member states, international organizations and non-governmental groups. The 2028 gathering will take place two years before the 2030 deadline for achieving the UN Sustainable Development Goals, heightening its significance as a forum for shaping post-2030 global ocean governance. In line with long-standing UN practice of joint stewardship by developed and developing nations, South Korea will co-host the conference with Chile. Seoul and Santiago agreed to the co-hosting arrangement in April 2024. President Lee Jae Myung pledged the country’s commitment to hosting the event in a keynote address to the UN General Assembly in September. Oceans Minister Jeon Jae-soo attended the latest UN meeting to consolidate international backing for the bid. As an official UN conference, the agenda and structure will be determined through negotiations among member states, led by South Korea and Chile. The South Korean government said it plans to use the event to showcase its maritime technology, shipbuilding and ocean policy capabilities. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-10 09:52:14
  • Koreas life expectancy rises to 83.7, outliving OECD average
    Korea's life expectancy rises to 83.7, outliving OECD average SEOUL, December 03 (AJP) - South Koreans born last year are expected to live up to 83.7 years on average, outpacing the OECD average, according to the 2024 Life Table released by the Ministry of Data and Statistics on Wednesday. Life expectancy for men reached 80.8 years and for women 86.6 years, each up 0.2 years from the previous year. The gender gap has continued to narrow since peaking in 1985, now standing at 5.8 years. For those already aged 60, men are expected to live another 23.7 years and women 28.4 years, marking increases of 0.3 years and 0.2 years, respectively. South Korean men now live 2.3 years longer than the OECD male average of 78.5 years, while Korean women exceed the OECD female average by 2.9 years. Cancer continues to be the leading cause of deaths in Korea, accounting for 19.5% of lifetime mortality risk, followed by pneumonia (10.2%), heart disease (10.0%), and cerebrovascular disease (6.9%). The likelihood of dying from cancer and pneumonia has increased, while COVID-19 mortality has declined sharply. Over the past decade, pneumonia has shown the steepest rise in death rates for both men and women. As people age, the risk of dying from pneumonia, heart disease, sepsis, and Alzheimer’s disease rises, whereas risks from suicide and accidents fall. Removing cancer from the mortality profile would extend life expectancy by 3.3 years; eliminating heart disease would add 1.2 years, and removing pneumonia would add 1.0 year. Healthy life expectancy — the number of years a newborn can expect to live without illness — stood at 65.5 years, while subjective healthy life expectancy was 73.8 years. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-03 13:20:02
  • Seoul wields strongest-yet rhetoric to reverse KRW slide toward historic lows
    Seoul wields strongest-yet rhetoric to reverse KRW slide toward historic lows SEOUL, November 26 (AJP) - South Korea must establish a new management framework for the National Pension Service (NPS) — the world’s third-largest pension fund and a market force amplified by an aging population already accounting for 20 percent of the nation — as its outsized footprint increasingly shapes both the capital market and the Korean won’s plunge to record-weak levels, the country’s top financial chief warned Wednesday. In a rare press briefing devoted largely to the foreign-exchange issue, Finance and Economy Minister Koo Yun-cheol described the NPS as the “single largest player” in Korea’s FX market. As of August, the NPS managed 1,322 trillion won in assets, roughly half of Korea’s 2024 real GDP of 2,292.2 trillion won. Its overseas holdings — 486.4 trillion won in equities and 94.3 trillion won in bonds — roughly on par with the Bank of Korea’s foreign-exchange reserves of $428.8 billion at end-September at current exchange rate. SEC filings show the fund holding $128.8 billion in U.S. equities alone. The government has held a flurry of meetings with the NPS and major brokerages this week as the dollar moved toward the unfamiliar four-digit zone of 1,500 won. Bank of Korea data show this year’s volume-weighted average dollar-won rate reaching 1,417 won as of Tuesday — surpassing the previous record of 1,398.88 won set in 1998 when the country was under international bailout. The annual average was 1,276.4 won in 2009 after the global financial crisis. The won has grown structurally weak against the greenback since the 2021–2022 pandemic years, driven by a surge in retail day-trading and overseas stock purchases — a shift amplified this year by the AI-fueled rally in U.S. tech equities. “The dollar can become structurally short in our market,” Koo said, noting NPS reserves are projected to nearly triple to 3,600 trillion won by 2071, with overseas investment rising in parallel. He warned that overshooting in the dollar-won rate — despite robust underlying fundamentals — could hurt the economy if inflation and diminished purchasing power erode real incomes. Koo stressed the need for a long-term FX-protection roadmap for NPS reserves, warning that severe two-way volatility could erupt if the fund ever had to convert large volumes of dollars into won at once. “We need a fundamental, long-term solution to operate the fund without undermining returns for pensioners,” he said. He emphatically denied speculation that the government may tap the NPS’s dollar holdings to artificially prop up the won, but cautioned against “excessive one-sided” volatility and speculative trading. The government has met with exporters as well as brokerage houses and will “meet with anyone” and “use all possible options” to stabilize the FX market — signaling interventionist intent while avoiding actions that could draw scrutiny from Washington. On hedging, Koo said the decision remains with the NPS, which is permitted to hedge up to 10 percent of overseas assets with investment-committee approval. But he added the finance ministry will raise its voice as a committee member to better balance the fund’s safety and profitability. He added that the government may consider incentives for exporters to convert part of their dollar revenue into won if necessary. Korea is not currently reviewing taxes to curb foreign stock investment, he said, but left the door open, noting policy “can change depending on circumstances.” The market took a wait-and-see attitude to gauge how serious Seoul's resolve can be, with the dollar edging up 0.4 won to 1,466.8 won as of 2:00 p.m. 2025-11-26 14:20:48