Japan Steps In to Support Yen, Sending Dollar Rate From 160s to 155s Until the day before, many in the market had played down the likelihood of intervention. Within a day, that view flipped. Japan’s government and the Bank of Japan moved on April 30 to curb yen weakness, buying yen and selling dollars. The Nikkei newspaper reported the yen slid into the high 160s per dollar during trading, then fell to the 155 range within hours, a swing of about 5 yen. A Japanese government official also acknowledged the intervention to Nikkei. It was the first such action in about 1 year and 9 months since July 2024. The timing was unusual. Japan is in its Golden Week holiday stretch from April 29 to May 6. April 30 and May 1 are not official holidays, but participation typically drops and trading thins. Nikkei said authorities acted pre-emptively to counter speculative yen selling that can intensify when liquidity is low. Just before the move, sentiment had pointed the other way. Many expected the yen to keep weakening, citing a surge in oil prices and a widening U.S.-Japan interest-rate gap. Some in Japan’s financial markets also argued any intervention would have limited impact. Officials, however, moved faster than many expected. Ahead of the market swing, Finance Minister Satsuki Katayama said the time to take “decisive measures” was drawing near. Atsushi Mimura, the Finance Ministry’s top currency diplomat, called it a “final warning.” Within minutes, the exchange rate shifted sharply, and markets treated it as a de facto intervention. The Asahi Shimbun reported that yen-buying accelerated after the remarks and the rate dropped to the 155 range, adding that government and BOJ intervention appeared to have occurred. The Yomiuri Shimbun also reported the roughly 5-yen drop from the 160s to the 155s raised the likelihood of intervention. Nikkei said the speed of the move caught traders off guard: the rate fell more than 1 yen in just five minutes and continued sliding, nearing a 5-yen move in a short time. It attributed the drop in part to speculators switching to yen buying to limit losses. By U.S. Commodity Futures Trading Commission data, speculative funds’ net short yen positions had already built to their largest level in 1 year and 9 months. With positions heavily one-sided, intervention triggered short covering that amplified the move. Questions remain about how long the effect will last. Nikkei said yen-weakening pressure could strengthen again if Middle East instability persists and oil prices keep rising. It also cited the U.S. Federal Reserve’s cautious stance on rate cuts as a factor supporting the dollar. The U.S. response is another variable. Nikkei reported a U.S. Treasury spokesperson said Washington is in close communication with Japan’s Finance Ministry. U.S. Treasury Secretary Scott Bessent told Katayama in a January meeting that excessive exchange-rate volatility is undesirable, Nikkei said. The Treasury has generally signaled tolerance for Japan’s yen-buying moves, Nikkei added, because they run counter to the kind of currency-weakening policies the Trump administration has criticized. Many analysts described the action as buying time rather than signaling a lasting shift. Yuya Yokota, senior vice president at Mitsubishi UFJ Trust and Banking’s New York branch, said it bought time until Middle East turmoil eases. Mark Chandler, chief market strategist at Bannockburn Capital Markets, said it would take time before speculators resume trades that bet on a weaker yen. After the intervention, the yen gave back part of its gains and has traded around the 156 range. Mimura told reporters on May 1 that the holiday period is still in its early stages, maintaining vigilance against speculative moves, but said he would not comment on whether authorities intervened. Some in the market also pointed to a “learning effect” from intervention during Golden Week in 2024. Terumasa Kawakami, an analyst at Mitsubishi UFJ Bank, said memories of that episode could make traders more reluctant to bet against the yen during the holiday period. Outlooks diverge. Yoshimasa Maruyama, an economist at SMBC Nikko Securities, said repeated intervention could leave room for the rate to fall into the 140s. Others say there is still capacity for renewed yen selling. Nikkei reported that just before the July 2024 intervention, speculators’ yen short positions swelled to 180,000 contracts, about double the level just before this latest move (94,460 contracts). If Middle East tensions do not ease and oil prices rise another step, Nikkei said, pressure for a weaker yen could return. Only a day earlier, skepticism about intervention had been widespread. The remaining question is whether this move signals a turning point or proves to be a temporary shock.* This article has been translated by AI. 2026-05-01 22:24:23

Lee Jae-myung Marks Labor Day; Unions Rally, Exports Top $80B Again, PPP Picks By-Election Candidates 'Former child factory worker' Lee says growth without labor is only half a success Lee Jae-myung said Thursday, Labor Day, that “growth with labor is growth with a future.” Speaking at a Labor Day ceremony at the Blue House’s Yeongbin-gwan, Lee said respect for labor “is not simply a matter of consideration or charity.” “Growth without labor is only half a success and is not sustainable,” he said, pledging to build “a win-win ecosystem” where labor and management can “respect each other and hold dialogue.” He added that a society that respects labor and a country that is good for doing business “are not mutually exclusive,” saying, “There are no workers without companies, and no companies without workers.” First Labor Day holiday in 63 years draws major rallies; unions call for basic labor rights Large-scale rallies were held across central Seoul on Thursday as labor groups marked Labor Day, the first since the day was designated a public holiday for the first time in 63 years. The two major umbrella unions called for guarantees of basic labor rights. Korea Federation of Trade Unions and the Korean Confederation of Trade Unions held separate Labor Day events near Yeouido in Yeongdeungpo-gu and near Gwanghwamun Station in Jongno-gu. Kim Dong-myung, chair of the Korea Federation of Trade Unions, told a Yeouido rally marking the 136th anniversary of International Workers’ Day that the spread of artificial intelligence is changing jobs and that the climate crisis and industrial shifts are changing how people work. He said the union would pursue a “just transition” in which labor is not excluded and participates in decision-making. Yang Kyung-soo, chair of the Korean Confederation of Trade Unions, said at its 2026 Labor Day rally that while Labor Day had “reclaimed its name,” he could not attend with an unreservedly happy heart. He urged that basic labor rights be guaranteed through laws and institutions and that workers be empowered to unite through unions to respond to “capital’s offensive.” AI chip boom lifts exports above $80 billion for second straight month South Korea’s exports stayed above $80 billion in April after topping that level for the first time in March, driven largely by strong growth in semiconductors amid an artificial intelligence boom. The performance came as the Middle East war sent shock waves across industries, with exports seen as a key support for the economy. The Ministry of Trade, Industry and Energy announced April trade figures Thursday. Exports rose 48.0% from a year earlier to $85.89 billion despite the Middle East war. After never having reached even $70 billion in monthly exports, South Korea exceeded $80 billion in March for the first time and stayed above that mark for a second consecutive month. PPP names candidates in 7 districts for June 3 by-elections; one race put on hold The People Power Party on Wednesday selected candidates in seven constituencies holding June 3 parliamentary by-elections, including Daegu Dalseong. Lee Jin-sook, identified as a former chair of the Korea Communications Commission, will run in Daegu Dalseong, and Lee Yong, identified as a former lawmaker, will run in Gyeonggi’s Hanam Gap. The nomination was put on hold in South Chungcheong’s Gongju-Buyeo-Cheongyang, where Chung Jin-suk, identified as a former presidential chief of staff, applied for the nomination. The party’s nomination committee met at its Yeongdeungpo-gu headquarters in Seoul and decided on single-candidate nominations for Lee in Daegu Dalseong; Park Jong-jin, Incheon party chair, in Incheon Yeonsu Gap; Shim Wang-seop, chair of the Environmental Landscaping Development Foundation, in Incheon Gyeyang Eul; Ahn Tae-wook, identified as a former Gwangju party chair, in Gwangju Gwangsan Eul; Kim Tae-gyu, identified as a former vice chair of the Korea Communications Commission, in Ulsan Nam Gap; Lee in Gyeonggi Hanam Gap; and Ko Gi-cheol, Jeju party chair, in Jeju Seogwipo. The party said its candidate in Busan Buk Gap, where Han Dong-hoon is running as an independent, will be chosen through a primary between Park Min-sik, identified as a former minister of Patriots and Veterans Affairs, and Lee Young-poong, identified as a former KBS reporter.* This article has been translated by AI. 2026-05-01 22:15:26

KT Wiz First to 20 Wins, Hold 1.5-Game Lead Over LG in KBO KT Wiz became the first team to reach 20 wins this season, beating the Kia Tigers 4-3 on Thursday in Gwangju. KT improved to 20-9 and maintained a 1.5-game lead over second-place LG Twins (18-10). KT led 2-0 after scoring in the third and fourth innings, then traded runs with Kia to go up 3-1. Kia tied it 3-3 on Kim Do-yeong’s RBI single in the sixth and a bases-loaded walk in the eighth. In the ninth, Jang Seong-woo delivered the go-ahead single to right with one out and runners on first and second, bringing home Choi Won-jun from second. Kia failed to answer in the bottom of the inning. In Daegu, the Samsung Lions rallied past the Hanwha Eagles 4-3. Samsung fell behind 3-0 on Heo In-seo’s three-run homer in the second, but Lewin Diaz hit a two-run RBI single in the sixth and Park Seung-gyu put Samsung ahead with a two-run homer in the seventh. Park also secured the final out in the ninth by snagging a bloop hit by Heo with two outs and a runner on second. In Incheon, the Lotte Giants beat the SSG Landers 10-7 in 10 innings. Tied 6-6 after nine, Lotte scored four runs in the top of the 10th, and SSG managed only one in the bottom half. At Jamsil in Seoul, LG beat the NC Dinos 5-1. Austin Dean and Song Chan-ui hit two-run homers in the third, and Hong Chang-gi added a sacrifice fly in the fourth. The Doosan Bears routed the Kiwoom Heroes 16-6 at Gocheok Sky Dome in Seoul, piling up 15 hits to move into a three-way tie for fifth with NC and Kia. Kiwoom issued 12 walks and hit batters. Historically, the first KBO team to reach 20 wins has gone on to win the regular-season title 24 times in 37 seasons, a 64.9% rate. For KT, it was the club’s first time reaching 20 wins ahead of the rest of the 10-team league since joining the KBO in 2015. 2026-05-01 22:12:23

Democratic Party’s Jeong tours sites as PPP’s Jang wages online fight on holiday Jeong Cheong-rae, leader of the Democratic Party, and Jang Dong-hyeok, leader of the People Power Party, took sharply different approaches on May 1, the first day of the holiday period. Jeong spent the day on the ground, while Jang kept no public schedule and continued his attacks on the ruling camp through social media. Jeong visited the Pyeongtaek Port Vessel Traffic Service Center in Pyeongtaek, Gyeonggi Province, and encouraged staff on duty. He then traveled to South Chungcheong Province, stopping at the Seosan Fire Station, the Seosan City Cultural Center and the Hongseong traditional market. At the Pyeongtaek center, Jeong said, “We passed a law thinking even public officials should be able to rest on Labor Day, but there are public officials who still can’t.” He added that he visited to “encourage and support those who protect our daily lives through noble work in places we don’t see.” Jeong’s itinerary was widely seen as aimed at backing Democratic Party candidates ahead of the June 3 local elections and National Assembly by-elections. The inclusion of Pyeongtaek, in particular, was attributed to the area emerging as a battleground as a multi-candidate race takes shape in the by-election there. While Jeong visited four locations in a single day — Pyeongtaek, Seosan, Hongseong and Jeonju in North Jeolla Province — Jang posted three messages on Facebook. On the Dec. 29 Muan Airport Jeju Air passenger plane disaster, Jang wrote, “If they can’t even properly manage the debris, there’s no way the investigation and probe were done properly.” He said it had long been revealed that an embankment installed under a Democratic Party government was the cause of the accident, but that the investigation “remains stalled” and “no one is taking responsibility.” He added, “The Democratic Party dragged out the Sewol ferry disaster and the Itaewon disaster for years, but is turning away as if the Muan Airport disaster never happened,” calling it “immoral politics” that divides even tragedies into “our side” and “their side.” Jang also criticized a bill introduced the previous day by the Democratic Party titled the “Act on the Appointment of a Special Prosecutor to Determine the Truth of Allegations Including Manipulated Investigations and Manipulated Indictments by the Yoon Suk Yeol administration.” He wrote, “Now that he has become president, he is rushing in saying he will cancel indictments and erase all trials,” calling it “a betrayal of the people” and “outright robbery.” On Unification Minister Jeong Dong-young, Jang wrote, “It is outrageous that Minister Jeong sees ‘unification as violent.’” He added, “Anti-American, pro-North Korea and pro-China tendencies are deeply embedded in the DNA of President Lee Jae-myung and the Democratic Party. The public must stay alert and judge them.” Jang is scheduled to attend the opening of campaign offices for Park Hyung-joon, a Busan mayoral candidate, on May 2, and Choo Kyung-ho, a Daegu mayoral candidate, on May 3. However, he is not expected to join on-the-ground stumping. Party chief spokesperson Park Sung-hoon said the decision reflected a strategic judgment that adding unnecessary events after the openings could reduce attention focused on the candidates.* This article has been translated by AI. 2026-05-01 21:00:13

Japan Intervenes in FX Market for First Time in 22 Months; Media Estimate 5 Trillion Yen Buy Japan moved to support the yen by intervening in the foreign exchange market, selling U.S. dollars and buying yen. It was Japan’s first market intervention in about 22 months, since July 2024, when the yen-dollar rate rose to 161.7 yen. Kyodo News and other foreign media reported on May 1, citing a Japanese government official, that the government intervened on April 30. Japanese media, based on projections for the Bank of Japan’s current account balances, estimated the yen-buying operation at 5 trillion yen (about 47 trillion won). A Finance Ministry official declined to answer direct questions about intervention. Asked whether the ministry still believes speculative moves are continuing in the currency market, the official said, “Yes.” On cooperation with the United States, the official said Japan is “in close contact, sharing our understanding of the situation and our actions.” A day earlier, Japan’s currency authorities warned that “decisive action” against yen weakness was imminent, saying it was a “final warning.” After the strong verbal warning, the yen strengthened sharply, with the yen-dollar rate falling from around 160 yen to about 155 yen. The rate remained volatile on May 1, trading around 157 yen before slipping back into the 155-yen range around 4 p.m. Japan last intervened in July 2024, when the operation totaled 5.5348 trillion yen (about 52 trillion won) over two days.* This article has been translated by AI. 2026-05-01 19:54:17

Korea’s Two Biggest Labor Federations Rally on First Labor Day Holiday, Seek Stronger Rights Large labor rallies were held across central Seoul on May 1, Labor Day, as unions marked the first Labor Day since it was designated a public holiday for the first time in 63 years. The country’s two biggest labor federations called for stronger protections for workers’ basic rights. The Federation of Korean Trade Unions (FKTU) held a Labor Day event in Yeouido, while the Korean Confederation of Trade Unions (KCTU) staged its rally near Gwanghwamun Station. At the FKTU’s “136th World Labor Day Commemoration: National Workers’ Rally,” Chairman Kim Dong-myeong said the spread of artificial intelligence is reshaping jobs and that the climate crisis and industrial transition are changing how people work. He said the federation would pursue a “just transition” in which labor is not excluded and participates in decision-making. KCTU Chairman Yang Kyung-soo, speaking at the “2026 World Labor Day Rally,” said Labor Day had “regained its name,” but added, “I couldn’t come with an unconditionally happy heart.” He called for basic labor rights to be guaranteed through laws and institutions and urged workers to unite through unions to withstand what he described as capital’s offensive. The KCTU also issued a resolution saying the rights guaranteed under the constitution’s three basic labor rights, the Labor Standards Act and the Trade Union Act are not properly ensured for more than 10 million nonregular workers. It said it would push to make a general strike in July a success and to win direct bargaining with prime contractors.* This article has been translated by AI. 2026-05-01 18:21:17

Crowds Jam Seoul, Highways and Incheon Airport as 5-Day Holiday Begins; Pokemon Event Halted Crowds surged across Seoul, on expressways and at Incheon International Airport on the first day of a holiday stretch that can run as long as five days. In Seongsu-dong in Seoul’s Seongdong district, a 30th anniversary event for the Japanese anime and game franchise “Pokemon” drew such heavy foot traffic that police and firefighters were dispatched over safety concerns. According to the game industry, Pokemon Korea opened “Pokemon Mega Festa 2026” in the Seongsu area to mark the 30th anniversary of “Pokemonster.” Large crowds arrived early, and with Seongsu already busy on weekends, the influx intensified congestion. At one point, the Seoul city government estimated about 40,000 people in the Seongsu cafe street area. Police received multiple reports warning that the crowd could lead to an accident. No injuries were reported, but organizers canceled events in stages starting around noon to prevent accidents. When the planned distribution of commemorative gifts was also halted, some visitors who had waited for a long time protested at the site. Pokemon Korea said on its official social media accounts, “The event has been canceled for on-site safety reasons,” adding that it would provide the gifts online later. It urged those who meet the requirements to “go home without worry.” Holiday travel also brought heavy congestion on highways nationwide. At one point in the morning, the estimated travel time from Seoul to Busan rose to as much as 8 hours 40 minutes. The Korea Expressway Corp. had forecast 6.05 million vehicles on expressways nationwide for the day. With more overseas travelers, long lines formed for boarding procedures at Incheon International Airport. The government projected about 1.3 million people would pass through the airport from the previous day through Children’s Day on May 5. With nearby countries including Japan and China also observing holiday periods this weekend, more international travelers are expected to enter South Korea via Incheon, the report said. A Justice Ministry official said authorities will implement special staffing measures for immigration screening to prepare for a sharp rise in travelers. The official said major departure screening areas will open 30 minutes earlier, and special mobile teams and emergency standby units will be assigned to support immigration processing.* This article has been translated by AI. 2026-05-01 17:54:20

Krafton's Unknown Worlds sets May 15 early access launch for Subnautica 2 SEOUL, May 01 (AJP) - Unknown Worlds Entertainment, the creative studio under South Korean gaming giant Krafton, confirmed that its underwater survival sequel Subnautica 2 will enter early access on May 15 for PC and Xbox Series X|S, priced at $30. The title has held the top spot on Steam's global wishlist ranking for about nine consecutive months since September 2025, amassing an estimated 3.8 million wishlists and cementing its status as one of the most anticipated games of 2026. A new cinematic trailer released alongside the announcement showcased the game's alien ocean ecosystem and its survival mechanics. Built on Unreal Engine 5, Subnautica 2 transports players to an uncharted alien planet and introduces four-player cooperative gameplay for the first time in the franchise's history. The series' predecessor, released in 2018, has sold more than 18.5 million copies worldwide and is widely regarded as a benchmark in the survival genre. "We will actively engage with players throughout the early access period and refine the game together," said Ted Gill, chief executive of Unknown Worlds. The launch comes after a turbulent chapter in the game's development. Krafton ousted Gill and studio co-founders in July 2025 and delayed the release from its original 2025 window, triggering lawsuits and a court order that reinstated Gill as CEO earlier this year. The former developers alleged the shakeup was aimed at avoiding a $250 million earnout payment tied to the game's delivery. Industry observers say the early access performance of Subnautica 2 will serve as a critical test of Krafton's push to diversify beyond its flagship PUBG franchise, particularly in Western markets where the Subnautica brand commands a loyal following. 2026-05-01 17:16:38

Investigators Suspect Gas Explosion in Uiwang Apartment Fire That Killed 2 Authorities said a gas explosion is the leading suspected cause of an apartment fire in Uiwang, south of Seoul, that killed two people and injured six others. Police, fire officials and the National Forensic Service inspected the unit on the 14th floor where the fire started and confirmed the kitchen gas valve was open, officials said. With no flammable materials found at the scene, they are presuming the blaze was triggered by a gas explosion. The fire broke out with an explosion about 10:30 a.m. the previous day in the 20-story apartment building with one basement level. A man in his 60s who lived in the 14th-floor unit, identified only as A, died after falling. His wife, in her 50s, was found dead in a bathroom. Authorities believe she had already died before the fire. Six other residents suffered minor injuries, including smoke inhalation. After receiving the report, fire authorities issued a Level 1 response and deployed about 30 pieces of equipment and about 110 personnel. The fire was fully extinguished about two hours later, at 12:35 p.m. A note was reportedly found on A’s clothing describing personal despair, including financial hardship.* This article has been translated by AI. 2026-05-01 16:57:07

People Power Party Nominates Lee Jin-sook, Lee Yong for June 3 By-elections; Park Min-sik to Face Primary The People Power Party on April 30 finalized candidates for seven of the districts holding June 3 parliamentary by-elections, including Daegu Dalseong. Lee Jin-sook, who previously served as chair of the Korea Communications Commission, was nominated in Daegu Dalseong, and Lee Yong, a former lawmaker, was nominated in Gyeonggi Province’s Hanam Gap. The party put nominations on hold in South Chungcheong’s Gongju-Buyeo-Cheongyang, where Chung Jin-suk, who previously served as presidential chief of staff, applied. The party’s nomination committee met at headquarters in Seoul’s Yeongdeungpo district and approved screening results for eight by-election districts. It decided on single-candidate nominations for Lee in Daegu Dalseong; Park Jong-jin, head of the party’s Incheon chapter, in Incheon Yeonsu Gap; Shim Wang-seop, chairman of the Environmental Landscaping Development Foundation, in Incheon Gyeyang Eul; Ahn Tae-uk, who previously led the party’s Gwangju chapter, in Gwangju Gwangsan Eul; Kim Tae-gyu, who previously served as vice chair of the Korea Communications Commission, in Ulsan Nam Gap; Lee Yong in Hanam Gap; and Ko Gi-cheol, head of the party’s Jeju chapter, in Jeju Seogwipo. In Busan Buk Gap, where former party leader Han Dong-hoon is running as an independent, the party said its nominee will be chosen through a primary between Park Min-sik, who previously served as minister of patriots and veterans affairs, and former KBS reporter Lee Young-pung. In Gongju-Buyeo-Cheongyang, seven people applied for the nomination, including Chung. The committee said it would suspend screening after an objection was filed. Committee chair Park Deok-heum said the matter was being handled through party ethics procedures and that a final decision would be made on May 7. The party also said it would reopen applications in North Jeolla’s Gunsan-Gimje-Buan district. The party accepted applications for the by-elections on April 30 and announced single-candidate picks a day later. While it had initially emphasized primaries, only one of the eight districts will hold a primary under the plan announced Friday. The nominations also included figures some classify as aligned with former President Yoon Suk Yeol, prompting renewed debate over a so-called “Yoon again” push. Kim Hyun-jung, floor spokesperson for the Democratic Party, said in a written briefing that the People Power Party had promised to break with the Yoon Suk Yeol government but was “returning to ‘Yoon again,’” and urged the party to “clear out” those forces if it was serious about reform. Asked about the controversy, Park said he was not sure “who is ‘Yoon again,’” adding that the party selected candidates with strong overall results based on document reviews and interviews. Separately, the committee nominated incumbent Mayor Lee Beom-seok for the North Chungcheong city of Cheongju. It said it would reopen recruitment for mayoral candidates in Siheung, Gyeonggi Province, and Jeonju, North Jeolla Province. The single-candidate recommendations announced Friday will be finalized after approval by the party’s supreme council.* This article has been translated by AI. 2026-05-01 16:18:19