South Korea, U.S. to launch parallel talks on nuclear submarine, fuel cycle issues SEOUL, December 21 (AJP) -South Korea and the United States plan to begin simultaneous, issue-by-issue consultations next year to implement leaders’ agreements on Seoul’s nuclear-powered submarine program, civilian uranium enrichment and the reprocessing of spent nuclear fuel, South Korea’s national security adviser said Sunday. Wi Sung-lac said the two sides agreed to “launch consultations all at once” starting next year as follow-up measures to agreements reached at recent summit meetings, Yi told Yonhap News Agency after wrapping up his three-day trip to New York and Washington. He had met secretary of state Marco Rubio and energy secretary Chris Wright among other officials. South Korea has formed a “nuclear-powered submarine task force” and an “enriched uranium task force” under the presidential National Security Office and is preparing to begin working-level negotiations as soon as U.S. counterparts are designated, Wi said. “Consultations between South Korea and the United States are generally going smoothly, and the U.S. has referred to the alliance as a ‘model alliance,’” Wi said. “Based on this atmosphere, we intend to move swiftly to implement the leaders’ agreements.” On the nuclear-powered submarine program, Wi said the two sides agreed to pursue a separate bilateral accord under Section 91 of the U.S. Atomic Energy Act, which allows the transfer of military nuclear material with presidential authorization. The approach is intended to work around restrictions in the bilateral nuclear cooperation agreement that limit transfers of weapons-usable nuclear material. Wi said the framework would mirror Australia’s precedent under AUKUS, the trilateral security partnership among the United States, Britain and Australia, under which Canberra received an exception through a separate agreement to pursue nuclear-powered submarines. “In Australia’s case, an exception was granted under Section 91 of the U.S. Atomic Energy Act, which required a separate bilateral agreement,” Wi said. “Since we may also need such an arrangement, that possibility will be discussed.” The consultations follow joint fact sheets released after summit meetings in August and October between President Lee Jae Myung and U.S. President Donald Trump. According to the documents, Washington agreed to support South Korea’s civilian uranium enrichment and spent-fuel reprocessing for peaceful purposes, within the bounds of the bilateral nuclear cooperation agreement and U.S. legal requirements. The United States also agreed to approve South Korea’s construction of nuclear-powered submarines and to work closely with Seoul on related issues, including securing nuclear fuel. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-21 09:08:06

OPINION: When all that glitters mixes with FX markets For decades, gold sat politely outside the foreign-exchange conversation. It was a hedge against inflation, a shelter in crises, an asset of last resort—but rarely a variable that moved currencies themselves. Exchange rates were explained in the familiar grammar of trade balances, interest-rate differentials and capital flows. Gold belonged to another chapter. That separation is beginning to fray in Asia. The first clear signal has come from Thailand. In recent months, the baht has emerged as one of Asia’s strongest currencies, an outcome that sits uneasily with the country’s weak growth, high household debt and persistent political uncertainty. Conventional explanations—exports, rates, fiscal policy—only go so far. Markets have increasingly looked elsewhere. They have looked to gold. Thailand is unusual in one important respect: private ownership of physical gold is widespread, and gold trading is deeply embedded in the domestic economy. When global gold prices rise, households and traders sell physical holdings, receive dollars and convert them into baht. In effect, higher gold prices translate directly into foreign-exchange demand. Thailand’s central bank has acknowledged this linkage openly. Officials estimate the correlation between gold prices and the baht at around 0.7, among the highest in Asia, and note that on certain days gold transactions account for a substantial share of currency flows. In some episodes, gold trading has reportedly driven close to half of the upward pressure on the baht. This matters because it challenges a long-standing assumption: that gold is a passive store of value rather than an active force in currency markets. The global backdrop reinforces the point. According to the World Gold Council, headline gold demand reached 1,257.9 tonnes in the third quarter of 2025, up 5 per cent year on year. Jewellery consumption continued to contract under the weight of record prices, but investment demand surged 47 per cent, while central banks added 219.9 tonnes, a 10 per cent increase from a year earlier. Gold is no longer merely being hoarded; it is being mobilised. Thailand’s trade data shows how directly this feeds into the currency. Between January and September 2025, gold imports reached 207.9 tonnes, up 41.9 per cent from a year earlier, with the import value rising 18.4 per cent to 462.7 billion baht. Over the same period, the baht appreciated roughly 9–10 per cent against the dollar, making it one of the region’s best-performing currencies. What makes this episode more than a local curiosity is that it coincides with a second structural shift: the digitisation of gold itself. Gold is quietly being rebuilt for a financial system that no longer runs exclusively through banks. Tokenised gold—digital tokens backed one-for-one by physical bullion—now trades around the clock, across borders, without reference to foreign-exchange market hours or banking intermediaries. The combined market capitalisation of tokenised gold has climbed to roughly $4.3 billion, with a single product, XAUT, accounting for just over 52 per cent of the total. This is not a return to a gold standard, nor is it a substitute for fiat currency. But it does introduce a new channel for capital movement—one that sits outside traditional FX statistics. When savings migrate from local currency not into dollars, but into gold value directly, the pressure on exchange rates becomes harder to trace, and easier to misread. Asia is particularly exposed to this shift. Trust in gold remains high, digital adoption is rapid, and cross-border financial experimentation is already well advanced. Thailand has demonstrated how physical gold can feed straight into currency strength. Tokenised gold has the potential to accelerate that mechanism, compressing time and distance, and moving value without ever passing through the visible plumbing of the FX market. The implications extend beyond Thailand. In countries such as South Korea, persistent currency weakness has become harder to reconcile with headline trade surpluses. Policymakers have tended to blame outward portfolio investment or global dollar strength. Those factors matter—but they may no longer be the whole story. If part of the capital outflow is bypassing foreign-exchange markets altogether, moving instead into gold or gold-linked digital assets, the traditional diagnostic tools are incomplete. This is not a revolution. No central bank is anchoring its currency to bullion. But gold is reclaiming a quasi-monetary role at the margins of the system—acting less as insurance, and more as an alternative expression of trust. Thailand is already feeling the effects in its exchange rate. Others may follow. The foreign-exchange market still speaks the language of banks and dollars, but capital is learning new dialects. Gold, characteristically, is doing so without saying a word. *The author is the managing editor of AJP 2025-12-20 19:17:23

Korean court revisits authoritarian-era anti-communism conviction SEOUL, December 20 (AJP) -A South Korean court has fully acquitted Anglican Church of Korea priest Yoon Jung-hyeon, overturning his 1975 conviction under the now-abolished Anti-Communism Law after a retrial held nearly five decades later. The Seoul Northern District Court ruled on Dec. 11, 202, that Yoon was not guilty, and the verdict became final last Friday. The court said it could not rule out the possibility that coercive interrogation or mistreatment occurred during the unlawful detention period, and concluded that such procedural violations fatally undermined the reliability of the prosecution’s case. The ruling further held that Yoon’s statements and activities did not satisfy the legal elements of an offense under the Anti-Communism Law, and that they did not pose a substantive threat to national security or the democratic constitutional order. The court rejected the prosecution’s case on grounds of insufficient evidence and flawed legal interpretation. Yoon, who was convicted in 1975, filed for a retrial on Nov. 1, 2024, nearly 49 years after the original judgment. The court approved the retrial on April 4, 2025, citing Articles 420(7) and 422 of the Criminal Procedure Act, and held seven hearings between May and December before delivering the acquittal. Prosecutors had already sought an acquittal during closing arguments on Nov. 26, and formally allowed the ruling to stand by foregoing an appeal. The significance of the Yoon Jung-hyeon ruling lies not merely in the reversal of a guilty verdict, but in the court’s explicit judgment on the investigative practices of the authoritarian era. The ruling also exposes the inherent limits of the Anti-Communism Law itself, which allowed punishment to extend beyond concrete acts to encompass thought, attitude, and interpretation. By affirming that Yoon’s words and conduct did not present a real threat to national security, the court reaffirmed a core constitutional principle: criminal law must address actual danger, not belief or conscience. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-20 12:50:41

BYD makes fast inroads in Korea with sales nearing 5,000 EV cars SEOUL, December 20 (AJP) -BYD, China’s largest electric-vehicle manufacturer, has rapidly established a foothold in South Korea’s imported-car market, breaking into the top 10 foreign brands within its first year of local operations. According to the Korea Automobile Importers & Distributors Association on Dec. 19, BYD sold 4,955 vehicles through November, accounting for 1.78 percent of the imported-car market. Based on recent sales momentum, full-year deliveries are expected to exceed 5,000 units. Only nine imported brands outsold BYD during the period: BMW (70,541 units), Mercedes-Benz (60,260), Tesla (55,594), Lexus (13,894), Volvo (13,388), Audi (10,252), Porsche (9,739), Toyota (8,751) and BMW MINI (7,180). In November alone, BYD ranked fifth among imported brands, trailing only Tesla, BMW, Mercedes-Benz and Volvo — a notable result for a newcomer. BYD entered the South Korean market in January and has expanded its footprint by emphasizing price competitiveness. The company now operates 28 showrooms and 16 service centers nationwide. Its local lineup debuted with the Atto 3 compact electric SUV, targeting value-oriented EV buyers, and has since expanded to include the Seal midsize electric sedan and the Sea Lion coupe-style midsize electric SUV. Industry analysts say BYD’s early gains have been supported by South Korea’s accelerating shift toward electrified vehicles, driven by Hyundai Motor and Kia’s electrification strategies as well as Tesla’s continued success. Through November, cumulative registrations of electrified vehicles — including battery EVs and hybrids — rose sharply from a year earlier, lifting their share to roughly one-third of new passenger-car sales. BYD’s momentum is also prompting other Chinese EV makers to formalize their Korea entry plans. Zeekr, the premium electric brand under Geely Holding Group, has recently signed dealer agreements with four local partners — H Mobility ZK, IronEV, KCC Mobility and ZK Mobility. Xpeng is also preparing to enter the market after establishing a South Korean unit in June. “BYD’s performance goes beyond a typical new-brand launch and signals a rapid shift in Korean consumers’ perceptions of Chinese EVs,” an industry official said. “The competitive landscape could look very different as early as next year.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-20 12:26:08

Korea's first private rocket launch put off on technical glitch SEOUL, December 20 (AJP) -South Korean space launch startup Innospace has called off the launch attempt of the country's first privately-developed rocket, HANBIT-Nano, after engineers identified a technical issue during final countdown procedures in Brazil. The launch was scheduled for 9:30 p.m. Friday local time (9:30 a.m. Saturday in Korea) at the Alcantara Space Center, but was halted about an hour before liftoff when an abnormality was detected in a valve used to fill the second-stage liquid methane tank, the company said. Innospace said it had completed erection of the rocket and checks of telemetry and the flight termination system before beginning oxidizer loading at 6:17 a.m. local time. The countdown was stopped after the valve failed to operate normally following fueling. A new launch date will be determined in consultation with the Brazilian Air Force within the current launch window, which runs from Jan. 16 through Jan. 22, the company said. The delay marks the third postponement of the HANBIT-Nano launch. The mission was originally scheduled for Nov. 22 but was first delayed after abnormal signals were detected in avionics equipment. A second delay followed when an issue was found in the cooling system of the first-stage oxidizer supply during final prelaunch checks. Repeated delays are common in the space industry. In March, SpaceX, led by Elon Musk, postponed the launch of its Falcon 9 rocket multiple times due to weather and technical issues while preparing to send NASA’s SPHEREx space telescope into orbit. HANBIT-Nano is a two-stage launch vehicle designed to place up to 90 kilograms into a 500-kilometer sun-synchronous orbit. The rocket stands 21.8 meters tall, measures 1.4 meters in diameter, and has a liftoff weight of 18.8 tons. Its first stage is powered by a 25-ton-thrust hybrid rocket engine, while the second stage uses a three-ton-thrust liquid methane engine. The current mission, dubbed “Spaceward,” aims to deploy 18 kilograms of payload into a 300-kilometer-high orbit, including five small satellites from Brazil and India and three experimental devices. Innospace said the mission will be considered successful once the satellites reach their target orbit and stable communications are confirmed. Innospace previously conducted a successful test launch of its HANBIT-TLV vehicle in March 2023, validating its hybrid propulsion technology. The company said the HANBIT-Nano mission is a key step toward entering the small-satellite commercial launch services market. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-20 12:12:59

Korea's FTC chief signals suspension on Coupang if fault confirmed in data leak SEOUL, December 20 (AJP) -Ju Biung-ghi, chairman of South Korea’s Fair Trade Commission, said authorities are keeping open the possibility of slapping business suspension e-commerce giant Coupang following a large-scale leak of customer personal data. Speaking on KBS’ “NewslineW" on Friday afternoon, Ju said the FTC is mobilizing “all available means,” including dispute mediation and support for consumer lawsuits, to assist those affected by the incident. Ju’s remarks came amid renewed regulatory momentum at the FTC. Earlier this week, he also signaled the watchdog’s intent to resume efforts to tighten regulations on monopolistic online platforms — an initiative that had stalled amid strong opposition from the United States ahead of the Korea–U.S. trade agreement finalized last month. Regarded as a key architect of President Lee Jae Myung’s economic policy framework, Ju described Korea’s penalties for unfair business practices as relatively lenient. He voiced support for the president’s push to impose substantial fines on Coupang over the data breach, which affected nearly 34 million users. Ju stressed, however, that enforcement steps would depend on the outcome of the investigation. Authorities must first determine whether the leaked consumer information was actually misused in online transactions and whether such misuse has caused — or could cause — financial harm. “If consumer losses are confirmed, the FTC will demand that Coupang take steps to restore damages,” Ju said. Should the company fail to do so adequately, the commission could order a suspension of business operations. He added that if a suspension would result in greater harm to consumers, authorities could instead impose a penalty surcharge. A joint investigation team comprising multiple government agencies is currently examining the case, Ju said, adding that “the top priority” is to clearly establish responsibility for the data breach. Ju also addressed plans reported earlier in the day to President Lee to strengthen the FTC’s enforcement capacity. He said the commission would prepare measures to secure compulsory investigative powers, in line with the goal of making administrative sanctions more effective. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-20 11:58:27

K-Handmade Fair SEOUL, December 19 (AJP) - South Korea’s largest handmade exhibition, K-Handmade Fair 2025, opened on Dec. 18 at COEX B Hall in southern Seoul. Held under the theme “Happy Pages,” the four-day event runs through Dec. 21. The fair features handmade works across a wide range of categories, including crafts, design, art, interior items, fashion, accessories and beauty products, with around 600 booths participating. Visitors can meet creators in person at booths showcasing knitting, woodworking and leather goods, and purchase handmade products. DIY experience programs and seminars on handmade business are also being held. 2025-12-19 22:17:11

Asian markets rally as BOJ ends policy uncertainty SEOUL, December 19 (AJP) - Asian equities closed higher on Friday as investors welcomed signs of cooling U.S. inflation and the Bank of Japan’s long-anticipated interest rate hike, which helped clear a major policy overhang across the region. The BOJ’s move allowed markets to look past fears of a disorderly yen carry-trade unwind — at least for now — lifting benchmark indices across Asia. In Seoul, the KOSPI rose 0.65 percent to close at 4,020.55, reclaiming the 4,000 level. Institutional investors led the advance, snapping up a net 858.3 billion won ($580 million) in shares, more than offsetting combined selling by foreign and retail investors. The Korean won, however, remained fragile, ending the session at 1,479.3 per dollar, down 2.8 won as of 3:45 p.m., despite a brief intraday rebound. The BOJ raised its short-term policy rate from 0.5 percent to 0.75 percent — the highest level in 30 years — supporting the yen and exerting residual pressure on the won. A temporary suspension of South Korea’s foreign-exchange stability levy, aimed at encouraging FX inflows including dollars, has yet to show a meaningful impact. Bond yields in Seoul edged higher, with the 10-year government bond yield rising three basis points to 3.342 percent. Stocks within the Hyundai Motor Group saw sharp rotation. Hyundai AutoEver surged 18.45 percent to 305,000 won, fueled by investor optimism that the group will accelerate its push into robotics and software-defined vehicles (SDVs). Hyundai Motor gained 2.12 percent, while Hyundai Mobis rose 4.12 percent. Semiconductor heavyweights lagged the broader market. Samsung Electronics fell 1.21 percent to 106,300 won, and SK hynix declined 0.91 percent, as sentiment was weighed down by concerns over a looming supply glut from Chinese manufacturers flooding the market with legacy DRAM chips, potentially pressuring prices later this year. Hanwha Group also stood out. Hanwha Ocean climbed 5.8 percent on news of a new LNG carrier contract, while Hanwha Systems jumped 10.93 percent amid reports it will supply advanced electronic displays for Boeing’s F-15 fighter jets. The tech-heavy KOSDAQ rose 1.55 percent to 915.27, buoyed by renewed biotech momentum. Rznomics, an RNA-editing specialist, hit its daily 30 percent limit to close at 117,000 won on its second day of trading. Index heavyweight Alteogen gained 3.94 percent. In Tokyo, the Nikkei 225 advanced 1.03 percent to 49,507.21, as markets welcomed Governor Kazuo Ueda’s resolve to normalize monetary policy amid steady domestic inflation. Toyota rose 1.81 percent to 3,424 yen ($21.9), while Honda gained 0.91 percent despite lingering recall concerns. Japanese chip-equipment makers tracked gains in U.S. peers, with Ibiden surging 4.44 percent and Tokyo Electron climbing 2.94 percent. Taiwan’s TAIEX added 0.83 percent, led by a 2.55 percent jump in Foxconn, which ended at 221.5 Taiwan dollars ($7). TSMC was flat at 1,430 Taiwan dollars, while MediaTek slipped 0.7 percent to 1,410 Taiwan dollars amid worries over intensifying competition in legacy chips. Mainland Chinese markets edged higher, with the Shanghai Composite up 0.36 percent and the Shenzhen Component rising 0.66 percent. Hong Kong’s Hang Seng Index was up 0.73 percent in late trade. 2025-12-19 17:24:51

Unionized rail workers threaten indefinite strike again SEOUL, December 19 (AJP) - Unionized railway workers on Friday again threatened to launch an indefinite strike starting next Tuesday, citing the failure to fulfill agreements over bonus payments. State-run rail operator KORAIL's workers, who called off a planned strike at the last minute earlier this week after tentatively agreeing to further discussions on performance-based bonuses, said they will go on strike from the first train next Tuesday unless the agreements are fulfilled. Once they proceed with the strike, that could halt an average of about 250 trains a day, prompting government authorities to call a meeting to discuss measures to avoid disruptions. These measures could include limiting bookings on some routes and canceling plans to run additional trains during the holiday season. 2025-12-19 17:19:47

Krafton, Naver, Mirae Asset pool capital for Asia startup bets SEOUL, December 19 (AJP) - Game developer Krafton said on Friday it will set up an Asia-focused investment fund with Naver and Mirae Asset Group worth up to 1 trillion won ($740 million), betting on fast-growing technology companies across the region. The fund, named the Krafton–Naver–Mirae Asset Unicorn Growth Fund, will target promising technology firms in major Asian markets, including South Korea and India. The partners said the vehicle aims to generate long-term growth by supporting rapidly expanding tech industries and startup ecosystems. The initiative builds on an earlier Asia growth fund jointly established by Naver and Mirae Asset, which has invested in India’s largest food delivery platform and a leading Southeast Asian mobility company. Krafton joins the partnership after cumulatively investing more than 200 billion won in India’s digital entertainment market. The South Korean game publisher said it has established a strong presence in India on the back of the success of its flagship game service and plans to further expand its investment activities there. The fund will combine their respective strengths: Krafton’s market insight in India and content expertise, Naver’s capabilities in platforms, content and artificial intelligence, and Mirae Asset’s extensive Indian network and asset management experience. Affiliates of Mirae Asset Group will take part in managing the fund, assuming roles based on their areas of specialization. Son Hyun-il, head of Krafton’s India unit, said the partnership is expected to create “meaningful synergy” and that the fund will seek sustainable businesses in India that deliver “social and economic value” beyond gaming. He added that Krafton plans to broaden its investments into sectors such as consumer goods, sports, media and healthcare, with the aim of becoming a trusted brand among the Indian government and public. Choi In-hyuk, head of Naver’s tech business, said it was “meaningful” to pursue strategic cooperation with Krafton, which he said has built a strong foundation in India. He added that Naver will contribute by identifying innovative Indian companies and helping expand the local tech ecosystem through its platform, content and AI capabilities. 2025-12-19 17:11:44