Korea's FX reserves slip $4 bn as won defense cost soars SEOUL, April 3 (AJP) — South Korea’s foreign exchange reserves fell by nearly $4 billion in March, underscoring the growing strain on the country’s external buffers as authorities continue to defend the won against crisis-era pressure. The Bank of Korea said Friday that reserves stood at $423.66 billion at end-March, down $3.97 billion from $427.62 billion a month earlier. That marked the steepest monthly decline since April 2024, when reserves fell by $5.99 billion as the won also plunged amid global market turmoil following the U.S. Federal Reserve’s decision to keep interest rates at a two-decade high. The drop came even after the government issued foreign exchange stabilization bonds in February, suggesting that the temporary boost from those proceeds was not enough to offset persistent intervention demand and valuation losses. The BOK said the March decline reflected a lower dollar value of non-dollar assets as well as market-stabilization operations, including foreign exchange swaps with the National Pension Service. The latest figures also highlighted how heavily authorities have leaned on liquid reserves. Securities, which accounted for 89.2 percent of total holdings, fell by $2.26 billion. Deposits — the most readily deployable portion of reserves — dropped by $1.44 billion, or 6.4 percent, to $21.05 billion from $22.49 billion a month earlier. Special Drawing Rights fell by $200 million to $15.57 billion, while the IMF reserve position stood at $4.55 billion. The reserve decline comes as the won remains under intense pressure. South Korean authorities sold a net $22.467 billion in the fourth quarter of 2025 for market stabilization, the largest quarterly intervention on record, according to the BOK’s latest disclosure. That compared with net dollar sales of $1.75 billion in the third quarter, $797 million in the second and $2.96 billion in the first. The broader market backdrop remains hostile. The won this week slid past 1,520 per dollar, levels not seen since 2009, as South Korean markets reeled from the prolonged Middle East war and heavy foreign selling. South Korea also slipped out of the global top 10 in reserve holdings. As of end-February, the country ranked 12th in the world, down from 10th a month earlier, according to the BOK. The central bank said some peers benefited from marking gold holdings to market as bullion prices rose. The latest data suggest Seoul is still willing to spend reserves to smooth volatility, but they also show the cost of that defense is mounting as dollar demand stays elevated and the external shock drags on. 2026-04-03 08:26:17

Toss Payments Says It Has Fully Deployed Post-Quantum Cryptography in Korea Toss Payments said on April 3 it has become the first company in South Korea’s finance and information technology sectors to fully adopt post-quantum cryptography, or PQC. PQC refers to next-generation encryption based on complex mathematical algorithms designed to withstand decryption attempts even by quantum computers. Quantum computers, which use principles of quantum mechanics, are expected in theory to solve problems that would take conventional supercomputers thousands of years in just seconds. The company said it has implemented PQC at points where payment data is created and transmitted. It completed deployment across its infrastructure, including its own data center and cloud environment on AWS. A key feature, it said, is full adoption on its payment page — the main interface between merchants and consumers. When users access the Toss Payments payment page through up-to-date browsers that support PQC, including Chrome, Edge, Safari and Firefox, PQC is automatically activated during communication with the server. Toss Payments said the rollout comes about 10 years ahead of a master plan presented by South Korea’s National Intelligence Service and the Ministry of Science and ICT calling for major national infrastructure to transition to PQC by 2035. It also said it is the only company in the finance and IT industries to apply PQC across all customer-facing web services and application programming interface, or API, services. Shin Yong-seok, the company’s chief information security officer, said advances in quantum computing pose both a major challenge and an opportunity for financial security. “Based on the heavy responsibility of being an industry leader, Toss Payments will build a ‘future-ready security’ standard so both merchants and consumers can pay with confidence,” he said.* This article has been translated by AI. 2026-04-03 08:12:00

Korean Films Line Up for April Releases After 15 Million-Ticket Hit 'The King and the Man Who Lives' The Korean box office has been buoyed by “The King and the Man Who Lives,” which drew 15 million moviegoers and helped bring audiences back to theaters. Attention is now shifting to April releases, with new Korean films rolling out across genres, from crime thrillers to horror and human drama. Leading the early April slate is “Endgame Investigation,” which opened April 2. It is director Park Cheol-hwan’s first feature film, after earning notice for the series “Grid” and “Dominant Species,” and is based on a real incident to heighten its sense of realism. The story follows Jae-hyeok, an “unlucky” veteran detective who was once a top performer in a metropolitan investigative unit but is repeatedly promoted and demoted as cases take unexpected turns, eventually being pushed out to a rural post — until what is framed as his last chance arrives. Actor Bae Seong-woo, known for roles in “Veteran,” “The King,” “The Great Battle” and “1947 Boston,” plays Jae-hyeok, portraying a detective whose work and life have become tangled. Jae-hyeok’s partner, Jung-ho, is played by Jung Ga-ram, who built a global fan base through “Love Alarm” and “The Interest of Love.” Jung-ho is depicted as a third-generation conglomerate heir and influencer who, after a bet with online users, finishes first on the police exam and shows up to his first day in a sports car. His by-the-book confidence clashes with Jae-hyeok’s instinct-driven approach, creating constant friction. That antagonistic partnership adds levity to what could be a heavy crime investigation film. Supporting actors including Esom, Jo Han-chul and Yoon Kyung-ho join the cast, with the plot built around “one case, two suspects” and a series of twists. The horror film “Salmokji” is set to open April 8. It begins with a modern urban legend: an unidentified figure captured on a map service’s road-view imagery. The film follows a production crew that heads to the Salmokji reservoir for reshoots and encounters a dark presence in the water, leading to a desperate struggle. It is director Lee Sang-min’s first solo feature, after short films “Hamjinabi” and “Dolrimchong” drew attention at domestic festivals. The film emphasizes unsettling audiovisual effects using the properties of water, from ominous ripples on the surface to sounds that should not be possible underwater. Kim Hye-yoon returns to the big screen after four years, playing Su-in as she fights to survive. Lee Jong-won, described as one of the most watched actors of 2026, takes on his first commercial film lead role as Gi-tae. The cast also includes Kim Jun-han, Kim Young-sung, Oh Dong-min, Yoon Jae-chan and Jang Da-a. The film uses experimental techniques including a 360-degree panoramic camera and motion detectors, designed to stand out in ScreenX and 4DX theaters with expanded visuals and heightened sound for an immersive experience. Closing out the month is “My Name Is,” scheduled for release April 15. The film is directed by veteran filmmaker Jung Ji-young and was invited to the Berlin International Film Festival’s Forum section, where it received international acclaim, before being presented to domestic audiences. The story follows 18-year-old Yeong-ok, who wants to erase what he sees as a tacky name, and his mother, Jeong-sun, who buried a secret from 78 years earlier in the painful history of Jeju in 1949. The film traces their journey as a sorrowful promise resurfaces beneath Jeju’s peaceful scenery. Actor Yeom Hye-ran plays the mother, Jeong-sun. More Korean films are also slated through April. They include “Nuruk,” the directing debut of actor Jang Dong-yoon, and “Jjanggu,” directed by and starring actor Jung Woo. Comedies are also in the pipeline, including “Mismatch,” starring Oh Dae-hwan and Oh Yoon-ah, and “Girl Referee,” featuring Chae Won-bin and Han Sun-hwa. With a mix of genres, established performers and new directing efforts, April’s lineup will test whether the momentum sparked by “The King and the Man Who Lives” can carry into another strong run for Korean cinema.* This article has been translated by AI. 2026-04-03 00:03:55

Six Policy Lenders to Back Hyundai Motor Group’s Saemangeum Growth Hub Project Six state-run policy finance institutions, including the Korea Development Bank, are set to support Hyundai Motor Group’s project to build an innovation-led growth hub in the Saemangeum area of North Jeolla Province. Financial industry officials said Thursday that a consultative body made up of the Korea Development Bank, Industrial Bank of Korea, Korea Credit Guarantee Fund, Export-Import Bank of Korea, Korea Trade Insurance Corp. and Korea Technology Finance Corp. is expected to sign a memorandum of understanding with Hyundai Motor Group on April 6. Hyundai Motor Group in February unveiled a large-scale plan to invest a total of 9 trillion won in Saemangeum to create a growth hub spanning artificial intelligence, robotics and energy. The plan includes an AI data center (5.8 trillion won), a robot manufacturing and parts cluster (400 billion won), a water electrolysis plant (1 trillion won), solar power generation (1.3 trillion won) and an AI hydrogen city (400 billion won). The policy finance group is expected to draw up support measures tailored to each institution’s role for the project.* This article has been translated by AI. 2026-04-02 21:03:00

Policy Split Deepens Divide Between Korea’s Pharma and Biotech Sectors Korea’s pharmaceutical and biotech industry is showing a sharper divide as government policy moves in opposite directions. While authorities are rolling out support measures to foster biotech, they have also decided to cut prices for generic drugs, leaving drugmakers bracing for tighter margins.  Industry officials said April 2 that Samsung Biologics and Celltrion, the country’s two biggest biotech companies, are each targeting more than 5 trillion won in sales this year.  Both companies have strengthened their positions in global contract development and manufacturing (CDMO) and biosimilars. Samsung Biologics posted 4.557 trillion won in revenue and 2.0692 trillion won in operating profit last year, setting a domestic industry record, and set a 2026 revenue target of 5.32 trillion won.  Celltrion reported 4.1625 trillion won in revenue and 1.1685 trillion won in operating profit last year, and its 2026 sales outlook also tops 5 trillion won. At a recent shareholders meeting, Celltrion Chairman Seo Jung-jin, who returned as chair for the first time in 11 years, presented sales guidance of 5.3 trillion won and pledged step-by-step operating profit of 300 billion won in the first quarter, 400 billion won in the second, 500 billion won in the third and 600 billion won in the fourth.  SK Biopharmaceuticals also posted its best-ever results, with revenue rising 29% from a year earlier to 706.7 billion won. Securities firms expect the company to reach 1 trillion won in annual sales in 2027.  Government backing is also seen as a tailwind for biotech growth. Authorities have said they will pursue licensing reforms aimed at enabling the world’s fastest product launch timeline of 240 days. Earlier this year, the approval period for new biotech drugs and biosimilars was cut to 295 days from 406 days, with a plan to reduce it further to 240 days. A Ministry of Food and Drug Safety official said the agency is expanding its review staff by about 200 to speed biosimilar approvals and will provide active support.  Late last year, the ministry enacted a special law to build a regulatory support framework for the CDMO industry. With a new registration system for export manufacturing of biopharmaceuticals — previously not covered under pharmaceutical regulations — the government plans to support measures including facility standards for export-focused plants, formalizing standards for good manufacturing practice certification and raw-material certification, and simplifying import customs procedures for active pharmaceutical ingredients.  In pharmaceuticals, HK inno.N exceeded 1 trillion won in revenue last year, expanding the number of companies in the “1 trillion won club” to 10. But companies centered on generics are widely seen as entering a fight for survival as price cuts take effect. The government lowered the generic pricing formula to 45% of the original drug price, a move expected to reduce sales and constrain research and development spending. The impact is expected to be significant for both top-tier and smaller drugmakers.  Changes are already being felt in the field. Analysts said companies that have relied on contract sales organizations (CSOs) are likely to face broad shifts in sales strategies. As firms move to cut fixed costs such as labor and marketing, more are expected to drop low-profit, low-priced generics and focus on higher-margin products.  “Developing new drugs is difficult to deliver results in the short term, and it requires large-scale investment,” an industry official said. “Because options to recover costs are limited if it fails, companies have no choice but to start by adjusting expenses they can cut immediately.” As a result, more firms are moving toward conservative management, including scaling back facility investment and revising hiring plans, while also preparing to seek certification as innovative pharmaceutical companies.  A task force for reforming the drug pricing system for industrial development criticized the price cuts, saying, “With the business environment worsening due to rising global instability, drug price cuts carried out now could make it difficult for domestic pharmaceutical companies to survive.” It urged the government to adopt flexible policies that “comprehensively consider public health, insurance finances and industrial competitiveness” so the industry ecosystem is not damaged. * This article has been translated by AI. 2026-04-02 18:15:00

Korean Pharma-Bio Briefing: Kolon Life Science, Daewoong, Celltrion, Daewon, Samsung Medical Center Kolon Life Science secures additional Asia patents for TG-C mixed-cell gene therapy Kolon Life Science said Thursday that patents covering the “mixed-cell gene therapy” approach used in TG-C, an osteoarthritis gene therapy being developed by affiliate Kolon TissueGene, have recently been approved for registration in several Asian markets. The patents cover a technique that combines cells engineered to produce growth factors (TGF-β or BMP) with cells designed to respond to those signals to deliver therapeutic effects. TG-C is administered by mixing two components — a cartilage-cell solution and a genetically modified cell solution — and the company said the approvals provide legal protection for that mixed-administration method. Kolon Life Science said it has been expanding the patent’s scope in Asia. It previously secured the patent in Indonesia in February, followed by registration decisions in the Philippines and Malaysia last month. TG-C is in the final stage of a Phase 3 U.S. clinical trial for knee osteoarthritis. Kolon TissueGene, which is running the U.S. study, aims to release topline results in July 2026 after completing two years of follow-up and analyzing the data. Based on those results, it plans to submit a biologics license application to the U.S. Food and Drug Administration in the first quarter of 2027. Daewoong says osteoporosis drug Stoboclo tops 11.8 billion won in first-year sales Daewoong Pharmaceutical said Thursday that Stoboclo, an osteoporosis treatment it co-markets with Celltrion Pharm, posted cumulative first-year sales of 11.8 billion won. Stoboclo is South Korea’s first biosimilar to Prolia, a global blockbuster osteoporosis drug, and was launched in March last year. According to market research firm IQVIA, Stoboclo reached about 11.8 billion won in cumulative sales through the fourth quarter, moving into the domestic “blockbuster” category of more than 10 billion won in annual sales. South Korea’s osteoporosis drug market is estimated at about 3.6 trillion won as of last year. Within that, the denosumab segment totals about 1.6 trillion won, or 45% of the overall market. Daewoong said Stoboclo’s share of the denosumab market grew to about 14% in the fourth quarter, and stood at about 7% on a full-year cumulative basis. Daewoong said it plans to expand prescribing across major general and university hospitals, with the goal of building Stoboclo into a “mega blockbuster” with annual sales exceeding 100 billion won. Celltrion says post-hoc Phase 3 analysis of Zymfentra published in IBD journal Celltrion said Thursday that a paper reporting post-hoc results from a global Phase 3 trial of Zymfentra — the only subcutaneous formulation of infliximab — was published in the latest issue of the international journal Inflammatory Bowel Diseases. Zymfentra is the U.S. brand name for Remsima SC. The journal is the official publication of the Crohn’s & Colitis Foundation, a large U.S. nonprofit supporting patients and research, Celltrion said, adding that the journal ranks in the top 20% of its field by impact factor. The analysis covered 102 weeks of data from the Phase 3 program and evaluated patients with Crohn’s disease and ulcerative colitis who lost response while on maintenance therapy of Zymfentra 120 mg every two weeks. Researchers assessed clinical effectiveness after increasing the dose to 240 mg. Celltrion said more than 80% of patients with Crohn’s disease and ulcerative colitis regained response after the dose increase. Most showed recovery within eight weeks, and early responders also posted favorable results across several measures used to assess long-term effectiveness. Daewon Pharmaceutical to hold Naver launch event for Chondroitin King 1200 Daewon Pharmaceutical’s health supplement brand Daewon Health said Thursday it will hold a “Chondroitin King 1200 Launch Festa” to mark the release of its new product, Chondroitin King 1200. The online event will be held exclusively on Naver and is designed as the product’s first consumer showcase. The supplement’s main ingredient is chondroitin sulfate, which the Ministry of Food and Drug Safety has recognized as able to help support joint and cartilage health, the company said. Daewon said the ingredient is an individually approved material whose functionality and safety were verified through a separate review, and that it is the first and only chondroitin health supplement from a domestic pharmaceutical company to use such an individually approved ingredient. Daewon said it used carefully selected material with more than 90% purity and the same structure as chondroitin found in human cartilage. It said the product is designed for once-daily use, with two tablets providing 1,200 mg of the main ingredient. Samsung Medical Center opens senior lounge service desk for patients 65 and older Samsung Medical Center said Thursday it began operating an “SMC Senior Lounge” starting April 1. The hospital said it has set up a dedicated service counter on the first floor of its main building for customers ages 65 and older, providing assistance with services needed to use the hospital. The hospital said the lounge is expected to reflect seniors’ needs and help drive broader changes across the hospital. When necessary, staff will call caregivers, such as adult children, to confirm that senior customers are not experiencing difficulties during visits. To address common challenges seniors face using digital services such as the hospital app, the hospital said it has assigned staff to help and will also provide guidance on booking transportation and checking insurance-claim documents. It said it is also reviewing the introduction of an autonomous electric wheelchair service using “Age Tech” for customers with limited mobility.* This article has been translated by AI. 2026-04-02 17:46:40

Prain Sports golfers target new-season wins after 63 tour victories, 36.8 billion won in prize money Prain Sports golfers are gearing up for the start of South Korea’s men’s and women’s tours, with 22 players set to begin their push for titles. Active players under the management company have combined for 63 wins on the top-tier KLPGA and KPGA tours and about 36.8 billion won in career prize money — an unusually large total for a single agency. Sixteen players are preparing to compete on the KLPGA Tour this season: Lee Jeong-min, Lee Ju-mi, Park Ji-young, Park Gyeol, Han Jin-seon, Park Bo-gyeom, Kim Sae-ro-mi, Ma Da-som, Seong Eun-jeong, Im Hee-jeong, Lee Seul-gi2, Kim Ga-hee2, Kim A-ro-mi, Bong Seung-hee, Jo Ian and Jeong Min-seo. Park Bo-gyeom (Samchully), the winner of last year’s Blue Canyon Ladies Championship, is aiming for a fourth straight season with a victory. “Winning the season opener last year helped me finish the season with good momentum,” she said. “This year, too, I want to win and show fans a good side of me.” Im Hee-jeong (Doosan E&C), who returned from injury and posted eight top-10 finishes last season, trained in Melbourne, Australia, with Shin Ji-ae. “I focused on improving my putting and course management,” Im said. “I have five career wins now, and I want to get my sixth and keep my promise to give gifts to six fans.” Others are looking to rebound. Ma Da-som (Samchully) and Park Ji-young (Korea Land Trust), who each won three times in 2024, are seeking to rejoin the title race. “There were moments last year that left me disappointed, but it was also time to reflect and improve,” Ma said. “I want to bring back the good flow I showed in 2024 and contend with steady play.” Seong Eun-jeong, a former national team player, is set to debut on the KLPGA regular tour as a late-starting rookie and will compete for rookie of the year honors. On the men’s side, Song Min-hyeok (Dong-A Pharmaceutical), the KPGA rookie of the year for the 2024 season, and former national team player Park Jun-hong are targeting their first career wins. On the LPGA Tour, Lim Jin-hee (Shinhan Financial Group) is aiming for another victory after finishing third at the Fortinet Founders Cup, which ended March 23. Amateur prospects have also posted notable results. Oh Su-min (Hana Financial Group) finished runner-up at the Ford Women’s NSW Open on the Ladies European Tour in March. Park Seo-jin (Korea Land Trust) and Ahn Hae-cheon (Woori Financial Group) won together at the Taiwan Amateur Championship. Prain Sports CEO Kim Pyeong-gi said results come from sustained effort over time. “Just as people say investment is not about timing but about time, in sports it’s not a single result — effort and experience accumulated over time ultimately create performance,” he said. “The records of 63 wins and 36.8 billion won are also the result of each player’s time.” He added, “This year as well, we will stay with them to the end so they can keep building their time and produce meaningful results.”* This article has been translated by AI. 2026-04-02 17:45:47

ILLIT to Hold Seoul Children’s Grand Park Festival for ‘MAMIHLAPINATAPAI’ Release 그룹 아일릿(ILLIT)이 미니 4집 '마밀라피나타파이'(MAMIHLAPINATAPAI) 발매를 기념해 오는 5월 5일 서울어린이대공원에서 축제를 연다. 빌리프랩은 2일 "일명 '아일릿 서울 어린이대공원 페스티벌'"을 소개하며 "이 행사는 아일릿의 신보 타이틀곡인 '잇츠 미(It's Me)'를 메인 테마로 꾸며진다. 가족과 친구 단위의 방문객이 함께 즐길 수 있는 다양한 체험 부스가 마련되고 아일릿은 신곡 무대로 열기를 더할 예정"이라고 밝혔다. 이어 "'아일릿 서울 어린이대공원 페스티벌'은 더 많은 분들이 아일릿의 음악을 여러 방식으로 체험하며 아티스트와 가까이 호흡할 수 있도록 기획됐다. 컴백을 기다려온 글릿(GLLIT, 팬덤명)은 물론 방문객 모두에게 소중한 추억을 선물하고 싶은 마음을 담았으니 즐겁고 신나는 시간이 되길 바란다"라고 전했다. 공연 관람을 제외한 모든 페스티벌 프로그램은 별도의 응모 절차 없이 현장을 방문하는 누구나 자유롭게 참여할 수 있다. 페스티벌과 관련된 자세한 사항은 추후 위버스에 공지될 예정이다. 한편 아일릿의 미니 4집 '마밀라피나타파이'는 4월 30일 발표된다. 앨범 타이틀곡 '잇츠 미'는 첫 데이트 이후 좋아하는 상대와 관계 정의에 대한 고민이 깊어지는 찰나, "너의 최애는 바로 나야!"라고 당돌하게 외치는 노래다. 개성 강한 싱어송라이터 유라(youra)와 더 딥(The Deep)이 작사에 참여해 아일릿과 시너지를 냈다. * This article has been translated by AI. 2026-04-02 17:45:18

Who says religion can't be cool? Buddhism expo SEOUL, April 02 (AJP) - Crowds poured into COEX in Seoul’s Gangnam District on Thursday as the Seoul International Buddhism Expo opened, with visitors lining up from the morning to enter one of the city’s most unconventional cultural events. Hosted by the Jogye Order of Korean Buddhism, the annual expo — running through April 5 — has been held since 2013 to showcase traditional Buddhist culture and its evolving industries. Inside, long lines quickly formed at booths that had gone viral on social media, with some areas restricting entry by the afternoon as visitor numbers surged. Young attendees moved from stall to stall, browsing Buddhist-themed goods, art and meditation programs, often treating the space less as a place of worship than as an immersive cultural experience. The shift reflects the rise of so-called “hip Buddhism,” a trend that blends spirituality with lifestyle and design. Organizers said about 200,000 people visited last year’s expo, with 77.6 percent from the MZ generation and more than half — 52.1 percent — identifying as having no religious affiliation. This year’s event, themed “The Play You Love: Form Is Emptiness, Emptiness Is Form,” features some 430 booths. Programs range from the Buddhist Cultural Industry Exhibition and Buddha Art Fair to Relax Week sessions and an International Meditation Competition, all centered on healing, mindfulness and contemporary interpretations of Buddhist practice. Amid the hum of conversation and camera shutters, the expo unfolded less like a traditional religious gathering and more like a festival of experience — where belief, curiosity and culture quietly intersect. 2026-04-02 17:45:18

Korea Pharmaceutical and Bio-Pharma Association Holds Emergency Meeting on Drug Price Cuts The Korea Pharmaceutical and Bio-Pharma Association said it will focus on limiting the impact on the industry from the government’s drug pricing system overhaul.  The association said it held an emergency meeting of its board on April 2 to discuss a response plan to the overhaul, which was recently approved by the Health Insurance Policy Deliberation Committee. The government last month announced the plan, including cutting prices for generic drugs to 45% of the original drug price, down from 53.55%.    At the meeting, the association agreed to draw up specific measures to reduce the hit from the price cuts. It said it will compile member companies’ questions about the overhaul to reduce uncertainty in the field. It also plans to hold two briefings for member companies this month, one online and one in person. The association said participants also agreed that the response should include a close review of strengths and weaknesses in the domestic pharmaceutical industry and industry-led efforts to support sustainable growth. They also said the need is growing for steps such as research on industrial promotion policies, including drug pricing rules, measures to support industry growth, and structural improvements such as establishing a sound order in pharmaceutical distribution. The association said it is also considering converting its emergency task force into a consultative body to discuss the industry’s sustainable development. It plans to hold a full meeting on April 14 at the association auditorium with representatives of participating groups in the “Emergency Task Force on Drug Pricing System Reform for Industry Development.” If the consultative body is launched, it is expected to help identify and deliver key agenda items for a future public-private consultative group involving the Ministry of Health and Welfare and the industry, the association said.  The association said the April 14 meeting is also expected to gather a wide range of views on setting the agenda for the public-private group, proposals to the government, industry innovation and advancement, and ways to establish a sound distribution order.* This article has been translated by AI. 2026-04-02 17:42:00