BOK holds base rate at 2.50%, bond yields jump as markets price in end of easing SEOUL, November 27 (AJP) - The Bank of Korea kept the base rate unchanged at 2.50 percent at its final monetary policy meeting of 2025 on Thursday and signaled that the latest easing cycle may be nearing an end as a persistently weak won fans inflation while simultaneously eroding household purchasing power. Governor Rhee Chang-yong said the decision was “almost unanimous,” with five of the six board members voting for a freeze due to heightened foreign-exchange volatility and unresolved uncertainty in the housing market. One member sought a cut to shore up the fragile economy. Three members also argued the central bank should preserve room for another reduction in three months, depending on how risks evolve. Bond prices fell on the perceived hawkish tilt. The three-year government bond yield rose 5.3 basis points to 2.948 percent, while the five-year gained 4.8 basis points to 3.132 percent. (Bond yields move inverse to prices.) The won strengthened 5.6 won to 1,464.9 per dollar following repeated verbal interventions. The KOSPI slipped back below 4,000 after a brief rebound. Rhee declined to confirm market speculation that the BOK’s easing cycle — which began in October 2024 after rates peaked at 3.50 percent — was effectively over as the market noted the tweaks in the BOK statement after the rate meeting – the replacement of the phrase “easing stance” with the softer “possibility of easing.” “How this is interpreted is up to individuals,” Rhee said. “It is difficult to predict what lies ahead when both upward and downward pressures exist.” The BOK made mild revisions to its growth forecast: raising this year’s projection to 1.0 percent from 0.9 percent and next year’s to 1.8 percent from 1.6 percent. Growth in 2027 is expected to edge slightly above the potential rate of 1.8 percent, at 1.9 percent. Rhee warned of a buildup in inflationary pressure next year due to the weak currency and firmer global oil prices. The won is projected to average above 1,400 per dollar this year — a level unseen even during the Asian Financial Crisis or the Global Financial Crisis. To stabilize the currency, fiscal and monetary authorities have formed an emergency council with the National Pension Service, Korea’s largest holder of dollar-denominated assets, hoping to better manage supply-demand dynamics in the FX market. Rhee called the won’s weakness extraordinary, attributing it to a deep structural tilt toward overseas investments rather than crisis-level stress. He pointed to the stability of Korea’s external borrowing conditions: the five-year credit default swap premium stood at 24 basis points in October, down from 31 in May. “We could send a positive signal to the foreign-exchange and real economy if we halt the easing cycle,” he said, though he emphasized that both monetary and fiscal policy options are limited because the imbalance is structural rather than cyclical. “That the won remains weak despite the narrowing Korea-U.S. rate gap suggests the core issue lies in the imbalance between domestic and overseas investment flows,” he added. Rhee rejected claims that the NPS is being pressured to defend the currency, arguing that an excessively weak won already erodes returns from the fund’s overseas portfolio — ultimately undermining retirement assets. 2025-11-27 13:56:22

TRAVEL: A walk over royal revenge — The dark secret of Seoul's Cheonggyecheon SEOUL, November 27 (AJP) - Strolling along the Cheonggyecheon Stream in downtown Seoul, it is easy to be lulled by the gentle flow of water and the hum of the city fading into the background. Once buried beneath suffocating asphalt and elevated highways, this eco-friendly waterway was miraculously restored in the mid-2000s. Today, it serves as a serene urban sanctuary for office workers seeking a lunch-hour escape and tourists soaking in the city's vibe. But beneath the stream's largest stone bridge lies a story that is anything but peaceful. It is a tale of a dynasty’s bloody birth, a stepson’s cold-blooded grudge, and a literal pathway paved with revenge. To the casual observer, the Gwangtonggyo Bridge is simply a marvel of Joseon Dynasty engineering. Originally constructed in 1412 by King Taejong to tame the flood-prone waters, it was the widest bridge in the capital, spanning 15 meters. Yet, if you venture beneath the bridge and look closely at the stone embankments, you will find something unsettling: upside-down carvings of intricate floral designs and solemn guardian deities. These are not ordinary construction materials. They are tombstones. The story dates back to the founding of the Joseon Dynasty in the late 14th century. King Taejo, the dynastic founder, had a beloved second wife, Queen Sindeok. A fierce political operator, Sindeok managed to maneuver her own son into the position of Crown Prince, bypassing Taejo’s older, battle-hardened sons from his first marriage. The most ambitious of those sidelined sons was Yi Bang-won (who would later become King Taejong). Following Queen Sindeok’s death in 1396, a heartbroken King Taejo built a magnificent tomb for her within the city walls — on the site of the current British Embassy near Deoksugung Palace — so he could be near her spirit. However, peace did not last. Yi Bang-won launched a bloody coup, killing his half-brothers and seizing the throne. But taking the crown wasn't enough; he wanted to erase his stepmother’s legacy. Once King Taejo passed away, Taejong exacted his posthumous revenge. He stripped Queen Sindeok of her royal title and dug up her grave, exiling her remains to a remote site outside the city walls. In a final act of spite, Taejong took the heavy stone slabs and statues from her tomb — sacred objects meant to guard her soul — and dumped them into the Cheonggyecheon. He ordered them to be used as the foundation stones for Gwangtonggyo Bridge. His intent was clear and cruel: he wanted the citizens of Seoul to trample over his stepmother’s grave for eternity. History is often ironic. During the Joseon era, Gwangtonggyo became the center of a popular folk tradition. On the first full moon of the lunar year, citizens believed that crossing the bridge as many times as their age would ward off leg ailments and bad luck. For centuries, thousands of people flocked here to wish for health, unwittingly participating in a king’s centuries-old vendetta as they marched over the Queen’s desecrated tomb stones. When Cheonggyecheon was restored in 2005, the bridge was reconstructed, and the stones were revealed to the public once more. Today, visitors can walk under the Gwangtonggyo and touch the cold, granite history. You can clearly spot the Sinjangseok (guardian stones) and the Geumgangjeo (a Buddhist symbol of indestructible truth) carved into the blocks. Some are inverted, others broken — silent witnesses to a family feud that shaped a nation. Above the bridge, the city of Seoul rushes forward into the future. But below, in the cool shadows of the Cheonggyecheon, the stones of Gwangtonggyo remain, reminding us that even in the most serene landscapes, history is often waiting to be discovered — and stepped upon. 2025-11-27 13:45:30

Asian shares extend rally on AI momentum and KOSPI recovers 4,000-mark. SEOUL, November 27 (AJP) - Asian equity markets maintained their positive momentum on Thursday, driven by persistent optimism surrounding the Artificial Intelligence (AI) sector and a growing global conviction that US interest rates may soon ease. The KOSPI in Seoul led the charge, reclaiming the psychologically significant 4,000-point mark to trade 1.4 percent higher at 4,017, reclaiming the 4,000-point mark for the first time in five days. Sentiment improved after the Bank of Korea raised its annual growth outlook and held rates steady, a coordinated move with fiscal authorities to help stabilize the Korean won. The KOSDAQ gained 0.5 percent to 881.6. Institutional investors — seen as responding to government pressure to support won demand — led the rally with net purchases of 215.7 billion won ($147 million). Foreign investors also remained net buyers from the opening bell, adding 182.1 billion won. Retail investors booked profits, offloading 400.7 billion won. The won traded at 1,466 per dollar, up 4.5 won from the previous day. Market leaders Samsung Electronics and SK hynix advanced simultaneously for the first time in weeks. Samsung Electronics gained 2 percent to 105,000 won, while SK hynix jumped 5.7 percent to 555,000 won, reclaiming the key 550,000-won level as Nvidia shares rebounded overnight. Energy names tracked chipmakers higher. Doosan Enerbility climbed 1.67 percent to 79,000 won, extending its upward run on the strength of its wide portfolio spanning large nuclear reactors, small modular reactors and gas turbines. Robot stocks — essential to semiconductor production — also rose. Doosan Robotics gained 3.5 percent to 74,400 won, while KOSDAQ-listed Rainbow Robotics, a Samsung Electronics affiliate, climbed 3.5 percent to 386,500 won. Biotech shares were mixed. Samsung Epis Holdings, newly spun off from Samsung Biologics, surged 15 percent to 418,000 won, easing concerns about undervaluation. Celltrion was little changed at 186,500 won. In Japan, the Nikkei 225 climbed 1.35 percent to 50,230. Semiconductor names led gains, with Advantest up 4.5 percent at 20,340 yen ($130.6) and Ibiden up 5.7 percent at 11,525 yen. Materials producer Denka, known for fluorine gas used in wafer cleaning, rose 5 percent to 2,670 yen. Taiwan’s TAIEX edged up 0.67 percent to 27,593. Chip sentiment was mixed: TSMC traded flat at 1,445 Taiwan dollars ($46.2), as reports surfaced that Alphabet plans to outsource key semiconductor packaging to Intel. MediaTek gained 3.1 percent to 1,340 Taiwan dollars, extending its rally on expectations it will benefit from Alphabet’s AI chip roadmap. On the mainland, Shenzhen outperformed with the tech-heavy SZSE Component up 1.03 percent to 13,043. The Shanghai Composite added 0.4 percent to 3,880. Hong Kong’s Hang Seng Index inched up 0.2 percent to 25,989, with gains capped after a deadly apartment fire in Tai Po on Wednesday left at least 44 people dead and forced the cancellation of corporate events across the city. 2025-11-27 11:30:45

Korea's acting community bids final farewell to beloved actor Lee Soon-jae SEOUL, November 27 (AJP) - Veteran actors and young aspiring performers bid a final farewell to their beloved teacher and role model Lee Soon-jae, whose passion for acting endured until illness forced him off the stage at age 90. The funeral was held at 5:30 a.m. Thursday at Seoul Asan Medical Center, attended by family members, fellow actors, longtime students, and colleagues from across the entertainment industry. Jeong Bo-seok, who played Lee’s son in the sitcom “High Kick,” presided over the ceremony before a crowd that filled the 120-seat funeral hall, including students from Gacheon University where Lee taught acting for decades. “How I wish this were just a scene from a drama,” said actor Kim Young-chul — often remembered for his kingly roles in historical series — as he recalled how Lee helped him stay grounded in his acting journey. “I’ll miss you dearly. I will never forget you, my dear teacher.” Actress Ha Ji-won also shared her tribute, remembering Lee as “a true artist” who constantly questioned, challenged, and inspired himself and those around him. A seven-minute memorial video featured Lee laughing in his signature deep roar when asked whether he enjoyed acting. “What do you think? I’m still acting,” he replied — a line that drew teary smiles from the mourners. Lee was laid to rest at Eden Paradise in Icheon, Gyeonggi Province. Born in 1934 in North Hamgyong Province, Lee debuted in 1956 and rose to become a beloved “national actor” through iconic roles in “What Is Love,” “Hur Jun,” and “High Kick.” He was the oldest recipient of last year’s KBS Drama Awards. Even into his late 80s, Lee remained devoted to the stage, most recently performing in “Waiting for Godot.” The government posthumously awarded him the Geumgwan Order of Cultural Merit on Nov. 25, honoring his lifetime contribution to Korean performing arts. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 11:30:04

2.2-magnitude earthquake shakes Wanju in southern South Korea SEOUL, November 27 (AJP) - A magnitude 2.2 earthquake struck near Wanju in southern South Korea, prompting several residents to report feeling tremors in the area. According to fire authorities, the earthquake occurred at around 8:06 p.m. on Wednesday, 6 kilometers southeast of Wanju in North Jeolla Province. The epicenter was located at 35.89 degrees north latitude and 127.23 degrees east longitude, with a depth of 5 kilometers. Tremors, accompanied by a loud noise, were observed in nearby areas like Jeonju and Iksan, but no structural damage or injuries were reported. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 11:26:50

UNESCO official expresses regret over redevelopment project near Jongmyo Shrine SEOUL, November 27 (AJP) - Lazare Eloundou Assomo, head of the UNESCO World Heritage Centre, reiterated the need for a Heritage Impact Assessment (HIA) amid controversy over a redevelopment project near Jongmyo Shrine. During a meeting in Paris, France on Wednesday with Huh Min, head of the Korea Heritage Service (KHS), Assomo expressed strong regret over the project. The controversy began after the Seoul Metropolitan Government abruptly decided late last month to raise the height limit for the area, which is slated for redevelopment into an urban complex. The KHS worries that raising the height limit from 71.9 meters to 145 meters could diminish the historical and cultural value of the UNESCO World Heritage site, designated in 1995 for its unique architectural landscape and historical significance as a royal ancestral ritual space. Assomo had previously sent a letter on Nov. 15, urging the South Korean government to conduct a survey to assess potential impacts on the values of the World Heritage site before proceeding with the project. Huh explained the country's efforts and commitment to preserving the ancient shrine’s values in line with UNESCO's recommendations. Huh also met with Khaled El-Enany, the new UNESCO Secretary-General the previous day, to discuss preparations for next year's World Heritage Committee meeting in Busan, outlining the plans and seeking UNESCO's support. Promising his attendance at the meeting, El-Enany praised South Korea's efforts to preserve its national heritage and cultural assets and pledged UNESCO's full support. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 11:10:16

Naver Financial, Dunamu vow to seize global market with AI-Web3 synergy SEOUL, November 27 (AJP) - Naver Financial and cryptocurrency exchange operator Dunamu on Thursday declared their intent to dominate the global digital finance landscape by fusing artificial intelligence with blockchain technology, as the two Korean tech powerhouses formalize their corporate alliance. Top executives from Naver, Naver Financial and Dunamu gathered at Naver's second headquarters in Seongnam to unveil their vision a day after approving a merger that brings Upbit operator Dunamu into the Naver group. The three firms pledged to invest about 10 trillion won ($6.82 billion) over five years to cultivate domestic AI and Web3 ecosystems. "Naver's AI capabilities must create synergy with Web3 to capture the next-generation market," Naver founder Lee Hae-jin said. "We must pursue ventures that global players have yet to attempt if we are to survive the competition." Naver CEO Choi Soo-yeon said the convergence of mainstream blockchain adoption and the emergence of agentic AI — systems capable of autonomous decision-making — presents a critical technological inflection point. She emphasized that the combined entity would build a "full lineup" of users, data, technology, services and capital to mount an aggressive push into the global Web3 arena. Web3 is an umbrella term for technologies like blockchain, decentralizing data ownership to give users more control over their data and online interactions. Dunamu Chairman Song Chi-hyung said the three companies aim to architect next-generation financial infrastructure that bonds AI with blockchain, spanning payments, broader financial services and everyday life. Vice President Kim Hyung-nyun added that the partnership would position South Korea at the forefront of the borderless digital asset market as tokenization gains traction worldwide. Following the integration, the firms plan to prioritize overseas expansion and improved capital market access. The companies said they would forge a collaborative culture centered on global growth rather than pursue further governance restructuring. Dunamu CEO Oh Kyoung-suk said the deal's core objective lies in leveraging the global technology inflection point as an opportunity rather than a threat, enabling both companies to achieve a greater leap forward together. 2025-11-27 10:40:37

PHOTOS: South Korea's homegrown rocket successfully puts satellites into orbit SEOUL, November 27 (AJP) - South Korea's homegrown Nuri rocket was successfully launched overnight, carrying its main satellite along with a dozen smaller satellites into their planned orbit, the Ministry of Science and ICT said on Thursday. Speaking at a press briefing at the Naro Space Center in Goheung, South Jeolla Province, Science Minister Baek Jeong-hoon said the rocket, dubbed KSLV-II, received a signal from its next-generation medium-sized satellite about 40 minutes after liftoff at 1:13 a.m. Thursday's launch, the fourth of its kind, is considered to have special significance, as it marks the first civilian-led mission, with Hanwha Aerospace taking the lead in the rocket's production and assembly in collaboration with the state-run Korea Aerospace Research Institute (KARI). It was also the first nighttime launch to observe the planet's magnetic field and auroras. A minor glitch with the rocket's umbilical pressure sensor delayed the launch by about 18 minutes from the originally scheduled 12:55 a.m., but liftoff and other procedures proceeded smoothly. The rocket followed its planned trajectory, beginning with the successful separation of the first-stage engine about 122.3 seconds after liftoff, followed by the ignition and separation of the second-stage engine. After reaching the target altitude of 600 km, Nuri deployed its main satellite along with 12 microsatellites for their respective missions. 2025-11-27 10:35:29

BOK holds year-end key rate at 2.5%, ups growth forecast to 1.0% SEOUL, November 27 (AJP) - As widely expected, the Bank of Korea kept its base rate unchanged at 2.5 percent on Thursday in its final policy meeting of 2025, reflecting policy bind amid waning appeal of Korean debt and assets with the Korean won at crisis-level weakest. The freeze signals the Korean central bank's decision to stay on the sidelines while hoping for greater policy maneuvering room should the U.S. Federal Reserve cut its benchmark rate again in December. Monetary authorities trimmed the Korean policy rate twice in the first half of the year, lowering it a combined 50 basis points from 3.00 percent to 2.50 percent, but have held steady since May. The pause came as housing demand roared back ahead of a hawkish incoming administration and as the frenzy for U.S. tech stocks fueled structural weakness in both the won and Korean bonds. Those dynamics sharply limited fiscal and monetary options as authorities attempted to stabilize markets. The BOK’s easing cycle effectively stalled under the weight of renewed leveraged investment in property and equities. Korea’s household credit reached a record 1,918 trillion won ($1.3 trillion), with household loans alone totaling 1,845 trillion won — a staggering 96.2 percent of all household credit. Volatility in the foreign-exchange market added another layer of constraint. The central bank’s data shows the volume-weighted average dollar–won rate at 1,417 won as of Tuesday — exceeding the previous record of 1,398.88 won set in 1998 during the IMF bailout. For comparison, the annual average was 1,276.4 won in 2009 following the global financial crisis. The Bank of Korea separately raised this year's economic estimate to 1.0 percent from previous 0.9 percent and for next year's to 1.8 percent from 1.6 percent upon identifying stronger-than-expected exports led by AI chip boom. 2025-11-27 10:00:25

The hidden engine of Nuri's success: HD Hyundai Heavy's ground launch system SEOUL, November 27 (AJP) - When South Korea’s Nuri rocket lifted off before dawn on Thursday, attention naturally turned to the spacecraft streaking into the sky. But the success of the launch was rooted firmly on the ground — specifically, in the complex launch system engineered and operated by HD Hyundai Heavy Industries. For the fourth mission in a row, the country’s largest shipbuilder played a pivotal but largely unseen role in enabling one of South Korea’s most advanced technological achievements. Since completing the second launch pad at the Naro Space Center in 2020, Hyundai Heavy has overseen every element of Nuri’s launch system. The company independently designed, manufactured and installed the ground mechanical structures, fuel-supply lines and control equipment that power the rocket from the final seconds of the countdown through liftoff. Engineers also execute pre-launch checks, coordinating hundreds of components that must operate flawlessly to send the rocket safely skyward. What makes the system particularly significant is its 100 percent domestic technology rate — a benchmark that marks a clear departure from past reliance on foreign equipment. The fully homegrown infrastructure is now viewed as a core national asset, strengthening South Korea’s ability to conduct launch operations independently as its space program expands. Hyundai Heavy began venturing into space infrastructure in 2007 during the Naro rocket era. The company leveraged its deep engineering background — traditionally applied to ship hulls, offshore platforms and industrial systems — to develop new expertise in cryogenic fueling, high-pressure operations and launch safety. Over nearly two decades, this foundation has evolved into a sophisticated capability validated by each of Nuri’s successful flights. The Nuri program is expected to serve as a bridge to next-generation launch vehicles aimed at lunar exploration, satellite deployment and broader participation in global space supply chains. Hyundai Heavy’s proven launch operations are likely to anchor many of those projects, positioning the company as a key contributor to South Korea’s increasingly ambitious space agenda. A spokesperson for HD Hyundai Heavy Industries said Thursday’s launch underscored the maturity of the company’s infrastructure. “The success of the fourth launch confirms the stability of our domestically developed launch system,” the official said, asking not to be named. “We will continue supporting the fifth and sixth Nuri missions and actively participate in next-generation launch vehicle projects to help advance South Korea’s aerospace industry.” For a company best known for supertankers and shipyards, the reliability of Nuri’s launch system has become a new point of pride — quiet work that ensures the rocket’s flame rises cleanly into the sky, mission after mission. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 09:57:41