Lee brings heritage-inspired gifts for Japanese PM to Andong summit SEOUL, May 19 (AJP) - President Lee Jae-myung is set to meet Japanese Prime Minister Sanae Takaichi at a summit in Andong, North Gyeongsang Province on Tuesday. Lee has prepared locally themed gifts for Takaichi, according to Cheong Wa Dae. Among them is a framed set of wood carvings depicting nine types of traditional folk masks, a well-known symbol of Andong, home to Hahoe Village, one of the country's most notable living repositories of Joseon-era heritage. The item was chosen to represent harmony and hopes for stronger ties between the two neighboring countries. The gift list also includes a leather bag made with hanji, traditional Korean paper, and red ginseng, known for its health benefits. Lee will also present her with an artwork featuring a moon jar, reflecting the moon as a symbol of wishes in both countries. For Takaichi's husband, former Japanese politician Yamamoto Taku, Lee has prepared a snowflake-themed tableware set crafted with zinc glaze and silver to create snow-crystal patterns, resembling the snowy landscapes of Fukui Prefecture, his hometown. Separately, local cultural heritage organizations prepared a lightweight blanket made from Andongpo, a traditional hemp fabric once used as a royal court tribute, as a gesture wishing Takaichi good health and well-being. The historic city's Confucius clan also prepared a miniature set of traditional village guardian totems believed to ward off evil spirits and illness, saying their symbolism reflects the roles of the two leaders. The two leaders first met last fall on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, where they agreed to pursue shuttle diplomacy between the two countries. Lee then traveled to Nara in January, during which he proposed that the next summit be held in Andong. 2026-05-19 13:40:40

Special Prosecutors Target Military Leadership in Second Martial Law Investigation The second comprehensive special investigation team, led by Special Prosecutor Kwon Chang-young, is intensifying its probe into allegations surrounding the second martial law, targeting both the Joint Chiefs of Staff leadership and field commanders. Notably, the special prosecutors are applying charges of 'rebellion' under military law to field commanders, indicating a focus on the mobilization of armed forces rather than merely executing unlawful orders.As of the morning of May 19, the special prosecutors are questioning former Army Capital Defense Command Chief Lee Jin-woo as a suspect under military law for rebellion. On May 14, they also investigated former Army Special Warfare Command Chief Kwak Jong-geun on similar charges.Lee is accused of instructing his armed subordinates to block the National Assembly during the declaration of emergency martial law and allowing troops to enter the National Assembly premises. The special prosecutors are expected to press Lee on the directives from former President Yoon Suk Yeol and the circumstances surrounding the troop deployment.The investigation has already implicated Yoon, former Defense Minister Kim Yong-hyun, former National Intelligence Service Director Noh Sang-won, and former Commander Kwak on charges of rebellion. Yoon has been summoned to appear for questioning on May 23, while Kim is set to appear on May 26. Focus on Charges of 'Rebellion' Instead of 'Important Duties in Insurrection'Legal experts are noting the significance of the special prosecutors applying charges of rebellion to Lee and Kwak instead of 'important duties in insurrection.'The rebellion charge punishes collective violent acts using military organization and armed forces. The key issue is whether actual forces were mobilized to operate the military command structure, beyond merely transmitting or executing unlawful orders.This suggests that the special prosecutors are investigating the Defense Command and Special Forces not merely as executing organizations but as 'actual perpetrators of armed force mobilization.'This aligns with the interpretation that the special prosecutors view the case as a 'three-tier command structure' involving the final directive line of Yoon and Kim, the Joint Chiefs of Staff leadership, and the executing units of the Defense Command and Special Forces. The special prosecutors are also accelerating their investigation into the Joint Chiefs of Staff leadership.They have notified former Joint Chiefs of Staff Chairman Kim Myung-soo to appear for questioning on charges of important duties in insurrection on May 27. Kim is reported to have expressed his intention to attend.Kim is suspected of being involved in the formation of the martial law command while monitoring the military's entry into the National Assembly from the Joint Chiefs of Staff command control center during the declaration of emergency martial law on December 3, 2024.The special prosecutors suspect that Kim issued fragmentary orders to the Special Forces and Defense Command to prioritize martial law operations. Fragmentary orders are military operational commands that quickly convey changes in operational situations or missions.The special prosecutors are examining whether Kim's orders went beyond mere situation management to actively support the emergency martial law operations.Previously, the special prosecutors classified the Joint Chiefs of Staff-related allegations as a 'first recognized case.' In addition to Kim, they have also charged former Deputy Chief Jeong Jin-pal, former Military Support Headquarters Chief Kang Dong-gil, former Operations Headquarters Chief Lee Seung-o, former Operations Department Chief Ahn Chan-myung, and former Defense Readiness Inspection Chief Lee Jae-sik with important duties in insurrection. The special prosecutors conducted a search and seizure operation at the Joint Chiefs of Staff on April 24. Military Requests for Troops After National Assembly's Martial Law RepealA key aspect of this investigation is whether discussions about additional troop deployments occurred after the National Assembly passed a resolution to repeal martial law.The special prosecutors have reportedly secured statements from current and former Joint Chiefs of Staff officials indicating that there were requests for additional troop deployments after the National Assembly's resolution to repeal martial law.Based on this, the special prosecutors are looking into whether Yoon and military leaders considered re-deploying troops or implementing additional martial law measures after the repeal.The special prosecutors are broadening their investigation to include not only troop movements and entry into the National Assembly immediately after the martial law declaration but also the actions of military leadership following the resolution to repeal martial law. Remaining Challenge: Evidence and C4I Operational RecordsHowever, as the special prosecutors reach the midpoint of their extended investigation and enter the critical phase of questioning key suspects, securing decisive evidence to substantiate the 'three-tier command structure' is seen as a major challenge ahead.So far, statements from military officials indicating that there were requests for additional troop deployments have been obtained, but legal experts emphasize the need to secure internal military records that objectively prove the structure of directives, transmission, and execution.In particular, operational records from the military command and control system, known as C4I (Command, Control, Communications, Computers, and Information), are considered a key piece of evidence.According to reports from Aju Economy, some military units during the martial law period did not operate C4I equipment normally. In standard military operations, troop movements, command orders, and location information are recorded within the C4I system. If the special prosecutors can obtain the operational logs, communication records, and terminal access records from the day of the martial law declaration, it could serve as crucial evidence to clarify the command line from Yoon to the Joint Chiefs of Staff, Defense Command, and Special Forces.Conversely, if it is confirmed that some troops operated outside the command control network, the existence of separate command lines or abnormal operational systems within the military could also become a focus of investigation.* This article has been translated by AI. 2026-05-19 13:34:02

Seoul Mayor Candidate Oh Se-hoon Promises Expanded Support for Vulnerable Groups Oh Se-hoon, the candidate for Seoul Mayor from the People Power Party, expressed his commitment to enhancing support for vulnerable populations as he met with individuals with disabilities and residents of goshiwons on May 19. On that morning, Oh worked as a daily manager at the Warm Storage, a community resource center he established during his previous term as mayor, where residents can select essential goods within a designated credit limit. Wearing a manager's vest, Oh participated in all aspects of store operations, from organizing products to assisting residents who visited the facility. After completing his managerial duties, Oh told reporters, "The Warm Storage not only provides essential items for survival but also serves as a space for goshiwon residents to maintain their dignity and strengthen their resolve for self-reliance. I feel a great sense of fulfillment seeing the residents' spirits lift and their health improve through this initiative." He added, "I am determined to expand such policy approaches, aiming to develop initiatives that resonate with the hearts of the residents, particularly those who are vulnerable." Earlier that day, Oh also held a policy meeting with disability advocacy groups at his campaign office in Gwancheol-dong. During the meeting, he listened to policy proposals from various organizations, which included suggestions for establishing a community-integrated care system, expanding job opportunities for people with disabilities, improving accessibility infrastructure, and ensuring the rights of disabled youth. Oh promised, "I will carefully review the policy proposals presented today to create a Seoul where individuals with disabilities can truly feel the impact of meaningful change."* This article has been translated by AI. 2026-05-19 13:28:43

Over 8 Million Apply for High Oil Price Relief Payments, Totaling 2.37 Trillion Won The South Korean government's high oil price relief payments have seen over 8 million applicants, with total disbursements exceeding 2.37 trillion won. As of midnight on May 18, the Ministry of Interior and Safety reported that a total of 8,044,281 applications have been submitted for the first and second rounds of relief payments. This represents 22.4% of the total eligible recipients, with cumulative payments amounting to 2.3743 trillion won. In the first round, 2,976,000 individuals applied, achieving a 92.1% application rate among eligible recipients. The total amount disbursed in this round was 1.6908 trillion won. By payment method, the majority of applicants—4,787,716—chose credit or debit cards. This was followed by 1,628,787 applicants for prepaid cards, 1,421,863 for mobile or card-type local love gift certificates, and 205,915 for paper certificates. Regionally, Gyeonggi Province had the highest number of applicants at 1,861,185, followed by Seoul with 1,233,812, Busan with 601,491, Gyeongnam with 559,596, and Incheon with 520,682. The highest application rate was recorded in Jeonnam at 26.88%, followed by Jeonbuk at 25.69%, Busan at 24.91%, Gwangju at 24.43%, and Gyeongbuk at 23.40%. The government began accepting applications for the second round of high oil price relief payments on May 18, targeting the bottom 70% of income earners. The support amounts vary by region, with 100,000 won for the metropolitan area, 150,000 won for non-metropolitan areas, 200,000 won for priority support regions experiencing population decline, and 250,000 won for special support areas. Individuals who missed the application period for the first round (April 27 to May 8) can still apply during this second round. The second round of payments will be available for online or offline applications until July 3 at 6 p.m., lasting approximately seven weeks. Recipients can choose to receive their payments via credit or debit cards, prepaid cards, or local love gift certificates, with a usage deadline of August 31.* This article has been translated by AI. 2026-05-19 13:23:56

Yoo Jae-suk Launches 'Yoo Jae-suk Camp' with Lee Kwang-soo, Byun Woo-seok, and Ji Yeo-eun Yoo Jae-suk is set to meet viewers through a new variety show named after him. Unlike typical lodging shows, this program will feature a three-day, two-night camp experience filled with morning missions, quizzes, campfires, and talent shows. Attention is focused on the laughter that will emerge from this large-scale Netflix camp variety show, which includes Yoo Jae-suk, Lee Kwang-soo, Byun Woo-seok, and Ji Yeo-eun as staff members.On the morning of May 19, a production presentation for the new Netflix variety show 'Yoo Jae-suk Camp' took place at the JW Marriott Dongdaemun in Seoul. Attendees included Yoo Jae-suk, Lee Kwang-soo, Byun Woo-seok, Ji Yeo-eun, and producers Jung Hyo-min, Lee So-min, and Hwang Yoon-seo, who discussed the program.'Yoo Jae-suk Camp' features novice camp leader Yoo Jae-suk and unpredictable staff members Lee Kwang-soo, Byun Woo-seok, and Ji Yeo-eun, who will engage with guests and create a fun escape from daily life during the group camp experience.Producer Lee So-min explained, "While filming 'The Great Disaster Planning,' we discussed expanding the lodging variety show concept. We thought it would be interesting if Yoo Jae-suk became the camp owner, leading to this project. The novice camp leader and staff will run two sessions of the camp over three days and two nights."Producer Jung Hyo-min added, "We didn’t propose the camp to Yoo Jae-suk; rather, he suggested trying a lodging variety show, which we felt would fit well with a retreat-style format. It can be described as a camp tailored for Yoo Jae-suk."The key difference between 'Yoo Jae-suk Camp' and existing lodging variety shows is its large number of participants and tightly packed schedule.Producer Hwang Yoon-seo stated, "The biggest differentiator is that it’s a Yoo Jae-suk-style camp. While traditional lodging shows only provide accommodation, this program involves a large group participating in a variety of activities over three days and two nights. Viewers will also see Yoo Jae-suk getting tired in real-time as they experience various activities like morning missions, cushion quizzes, and the iron bag game."Yoo Jae-suk, stepping into the role of novice camp leader, shared that safety and health were his primary concerns when he first received the proposal.He said, "When I first received the proposal, I thought about how important it was to create fun experiences for a large group over three days and two nights, but above all, safety and health, as well as ensuring everyone enjoys themselves during the schedule, were my top priorities."Yoo Jae-suk also expressed the pressure of having his name attached to the program. He remarked, "It is a bit burdensome to create a show with my name attached, but I felt that 'Yoo Jae-suk Camp' was the most intuitive name to give viewers comfort and clearly convey what the program is about."Yoo Jae-suk paid close attention to the camp environment as well. Producer Lee So-min noted, "We ensured good conditions by considering temperature, humidity, and even individual power outlets." Yoo Jae-suk added, "For a large group to stay for three days and two nights, safety and health are the most important. Since the production team shared this view, we focused on those aspects."The combination of staff members Lee Kwang-soo, Byun Woo-seok, and Ji Yeo-eun is also a highlight.Lee Kwang-soo shared, "Before receiving the proposal, I saw the recruitment notice for guests for 'Yoo Jae-suk Camp' on air and thought it looked new and fun. I was very excited to join." When asked if he expected to be cast, he humorously replied, "I had about a 10% expectation. I thought the casting was already done and felt a bit disappointed, but I was thrilled to receive the offer to join."Byun Woo-seok is making his debut in a fixed variety show with this program. He expressed, "I love watching variety shows, and I was excited to show a new side of myself for the first time. Most importantly, I was thrilled to work with Yoo Jae-suk, Kwang-soo, and Ji Yeo-eun."He continued, "Fans enjoy my everyday life, and I thought 'Yoo Jae-suk Camp' would be a great opportunity to show that. Although it was scary, I decided to take on the challenge."Yoo Jae-suk praised Byun Woo-seok's sense of humor, saying, "I was curious about how Woo-seok would perform, and many people on set said he was very funny. He worked hard and enjoyed himself while also playfully teasing Kwang-soo, which was a first for me." Lee Kwang-soo chimed in, "This was the first time I experienced such playful teasing."Byun Woo-seok added, "I was quite nervous as it was my first time doing a long-term variety show, but Kwang-soo, Ji Yeo-eun, and Yoo Jae-suk made me feel comfortable. They opened their hearts to me, allowing me to relax and fully engage in the experience."Ji Yeo-eun expressed her excitement, saying, "I was really looking forward to the camp even before it started. I hope viewers enjoy our comfortable and natural moments together." She also mentioned her initial concerns about bonding with Lee Kwang-soo and Byun Woo-seok, saying, "I wondered if we could become friends, but now just seeing their faces makes me smile. Lee Kwang-soo is my life role model."The staff emphasized Yoo Jae-suk's sincerity as the 'boss.' Lee Kwang-soo remarked, "I often felt that Yoo Jae-suk was genuinely invested in this camp. After filming, he continued to discuss the camp and worried about whether the guests would be comfortable, which showed his sincerity. This made us more committed as well."Byun Woo-seok noted, "Seeing Yoo Jae-suk take the lead on set motivated me to work harder," while Ji Yeo-eun said, "After spending two nights and three days together, I realized that 'Yoo Jae-suk is indeed Yoo Jae-suk.' I thought, 'Was he this warm of a person?' He reaffirmed my ideal type in my heart."'Yoo Jae-suk Camp' will also feature a surprise appearance by the couple Lee Hyori and Lee Sang-soon. Producer Jung Hyo-min explained, "It has been about ten years since 'Hyori's Homestay.' While there are benefactors who have helped me as a producer, Lee Hyori and Lee Sang-soon are also among them. We tried to invite them while working on 'The Great Disaster Planning,' but it fell through due to their move to Seoul."Jung continued, "After the guest recruitment announcement, Lee Hyori reached out first, asking, 'Should I come to keep Yoo Jae-suk in line?' I thought it would be great if she could come as a surprise, so we secretly arranged it."'Yoo Jae-suk Camp' is a large-scale camp variety show named after Yoo Jae-suk, featuring a new combination of Lee Kwang-soo, Byun Woo-seok, and Ji Yeo-eun. Attention is on how this retreat-style program, combining accommodation, games, and group activities, will be received on Netflix. The first five episodes will be released on May 26, followed by episodes six to ten on June 2.* This article has been translated by AI. 2026-05-19 13:16:31

Korea, Japan leaders to talk serious at Andong summit amid Gulf risks SEOUL, May 19 (AJP) - South Korean President Lee Jae Myung and Japanese Prime Minister Sanae Takaichi are expected to move quickly beyond ceremonial diplomacy when they meet Tuesday in Andong, focusing instead on a growing list of shared strategic anxieties ranging from Middle East energy disruptions to regional security and AI-driven industrial competition. The summit, held in Lee’s hometown in North Gyeongsang Province, marks the leaders’ third bilateral meeting in just seven months — an unusually rapid pace for Seoul-Tokyo diplomacy given the historical baggage that has long complicated ties between the two U.S. allies. Takaichi departed Tokyo’s Haneda Airport earlier Tuesday for the two-day visit, which is expected to center heavily on energy security as instability in the Middle East threatens oil shipping lanes and adds fresh pressure to Asian economies heavily dependent on imported crude. At the top of the agenda is a proposed “industrial and trade policy dialogue,” which Japanese media reported the two governments are expected to formally launch after the summit. The framework would aim to coordinate responses to disruptions in crude oil and refined petroleum supplies, including possible emergency lending of fuel such as jet oil during shortages. The two countries are also expected to discuss joint crude procurement, transport coordination and ways to avoid export restrictions during supply crises — a sign that Seoul and Tokyo increasingly view energy security as a shared strategic vulnerability rather than a purely commercial issue. The urgency has intensified as the prolonged Middle East conflict threatens one of Northeast Asia’s most critical economic chokepoints. Both South Korea and Japan remain overwhelmingly dependent on imported energy transported through the Strait of Hormuz. The leaders are also expected to expand discussions into broader economic security issues tied to artificial intelligence, semiconductors and supply chains, areas both governments have increasingly framed as part of national security policy. Lee and Takaichi first met on the sidelines of the APEC summit in Gyeongju in October last year shortly after Takaichi took office as Japan’s first female prime minister. They met again in January in Nara, Takaichi’s political hometown, where discussions focused on AI, economic resilience, defense and transnational crime. Tuesday’s talks are expected to build on that momentum, with Southeast Asia emerging as another key area of cooperation. Seoul is reportedly considering participation in Japan’s Asia Zero Emission Community (AZEC) initiative, while both countries may discuss joint financial and technical support for Southeast Asian states seeking to strengthen petroleum stockpiling and procurement systems. Defense cooperation is also expected to re-emerge as a major theme. Lee and Takaichi are likely to agree on resuming humanitarian search-and-rescue exercises between the South Korean Navy and Japan’s Maritime Self-Defense Force next month. The drills, known as SAREX, were conducted regularly between 1999 and 2017 before being suspended following a diplomatic dispute in 2018 involving a Japanese patrol aircraft and a South Korean naval vessel. If the exercises resume, they would mark the first bilateral naval drills between the two countries in nearly a decade and underscore the broader thaw in practical security cooperation as North Korea accelerates its weapons programs and China expands its regional military influence. The two leaders are also expected to exchange views on the recent U.S.-China summit after U.S. President Donald Trump reportedly briefed both governments following his May 14-15 talks with Chinese President Xi Jinping. The Andong meeting also carries symbolic weight. Takaichi hosted Lee in Nara earlier this year, and Lee is now returning the gesture in his own hometown — a deliberate effort to normalize leader-level exchanges after years of diplomatic volatility. Despite unresolved historical disputes rooted in Japan’s 1910-45 colonial rule of the Korean Peninsula, both governments have increasingly prioritized pragmatic cooperation as geopolitical and economic risks intensify across the region. 2026-05-19 13:14:36

Oh Se-hoon Denies Cover-Up in Missing Rebar Incident Related to GTX-A Line Oh Se-hoon, the People Power Party candidate for Seoul mayor, reiterated on May 19 that he has not concealed any information regarding the missing rebar issue in the Samsung Station section of the GTX-A line. Speaking to reporters after a policy meeting with disability organizations at the Daewang Building in Gwancheol-dong, Oh stated, "I learned about this issue from the news three or four days ago, and there was no prior report to me," dismissing allegations of concealment raised by his opponent, Jung Won-o, and the ruling party. In response to criticism from the ruling party that the Seoul city government failed to report the rebar issue to the Ministry of Land, Infrastructure and Transport immediately after discovering it last November, Oh countered, "Everything is documented. We notified the Korea Railroad Corporation three times with construction management reports." Oh also condemned the ruling party's actions in summoning civil servants to the National Assembly. He expressed his frustration, saying, "I cannot help but feel anger when I see the Democratic Party calling civil servants who followed the guidelines of the Seoul city manual to the National Assembly and pressuring them for answers they want." He accused the Democratic Party of inflating the issue for electoral gain, stating, "They are spreading rumors and creating fear. The Democratic Party and candidate Jung should apologize to the public." Regarding the Democratic Party's announcement that it would file a complaint against him for allegedly violating the Public Official Election Act by delivering a speech at the completion ceremony of the Seoul City 'Audit Position,' Oh dismissed the claim as "absurd and not worth responding to."* This article has been translated by AI. 2026-05-19 13:13:04

LG Energy Solution Partners with Honda and Hanoi to Expand Electric Motorcycle Market LG Energy Solution announced on May 19 that it has signed a memorandum of understanding (MOU) with Honda and the city of Hanoi to collaborate on the establishment of public battery swapping stations for electric motorcycles. The partnership will focus on several key areas: building battery swapping stations in central Hanoi, developing battery standardization and safety management systems, and jointly creating business models for electric motorcycle platforms. Starting in the third quarter of this year, LG Energy Solution, Honda, and Hanoi plan to set up approximately 50 battery swapping stations in major areas of the city and introduce a fleet of 500 electric motorcycles to launch a pilot project. The project will utilize LG Energy Solution's 2170 cylindrical batteries. Honda will be responsible for the battery packs, swapping equipment, and electric motorcycles, while the city of Hanoi will provide regulatory support and local operational collaboration. Hanoi, known as the "Motorbike Capital," has a population of about 8.5 million, with registered motorcycles exceeding 6 million, making two-wheelers an essential part of daily life. Deputy Mayor Truong Viet Trung expressed hope that the collaboration with LG Energy Solution and Honda will lead to a convenient battery swapping infrastructure for the citizens of Hanoi. A representative from LG Energy Solution stated, "Vietnam is a key country for the transition to electric motorcycles in Southeast Asia. We will continue to contribute to the development of eco-friendly transportation infrastructure in Vietnam based on our differentiated technology in the battery sector." 2026-05-19 13:09:52

South Korea Allocates $10 Million to Support Jobs Amid Middle East Conflict The South Korean government is stepping up job support in regions expected to be affected by the ongoing conflict in the Middle East. On May 19, the Ministry of Employment and Labor announced plans to expand the Regional Industry Customized Job Project, also known as the “Buttress Project,” targeting eight cities and provinces where industries are concentrated and likely to suffer from the conflict's impact. Concerns have arisen over rising oil prices and a slowdown in domestic demand due to the conflict. The Korea Development Institute (KDI) noted in its May economic trends report released on the 12th that while the effects of the conflict were not immediately visible in March's economic indicators, ongoing disruptions in oil transportation are increasing production costs and posing downside risks to the economy. Additionally, the National Data Agency's employment trends for April revealed that the number of employed persons increased by only 74,000, marking the smallest gain in 16 months. In response, the ministry has bolstered its employment crisis response by adding 12 billion won to the previously allocated 45 billion won budget for this year. The ministry reviewed project proposals submitted by nine cities and provinces and selected eight regions in urgent need of support, distributing a total of 13 billion won. The allocations include 2 billion won each for Daegu (textiles), Daejeon (logistics and transportation), Chungbuk (plastics and cosmetics), and Gyeongnam (equipment and metals). Busan (ports and transportation) and Jeju (tourism transportation) will receive 1.5 billion won each, while Gyeonggi (petrochemicals, plastics, and textiles) and Jeonbuk (chemicals and rubber) will each receive 1 billion won. Each local government will implement job support packages tailored to the characteristics of their regional industries. For example, support will be provided for the stabilization of living and housing for workers in freight transportation and tourism, along with retention bonuses for long-term employees. Additionally, living support funds will be offered to employees of companies maintaining employment, as well as reemployment support funds for those transitioning to new jobs. The ministry plans to allocate the budget to local governments in May to ensure swift implementation of the projects on the ground. Minister of Employment and Labor Kim Young-hoon stated, "Through this supplementary budget, we hope that local industries and workers facing difficulties due to the Middle East conflict can quickly overcome the employment crisis. We will carefully listen to the voices from the field and work to create a job environment that aligns with local economic conditions."* This article has been translated by AI. 2026-05-19 13:07:51

Household Debt Reaches Record High of 1,993 Trillion Won Amid Rising Non-Bank Loans Household debt in South Korea has reached a new all-time high, despite stringent government lending regulations. The increase in non-bank mortgage loans and a significant rise in investment borrowing, driven by a booming stock market, have contributed to this trend. According to the Bank of Korea's preliminary statistics on household credit for the first quarter of 2026, the total household credit balance stood at 1,993.1 trillion won at the end of March. This marks an increase of 14 trillion won compared to the end of the previous quarter, setting a record since the data was first published in the fourth quarter of 2002. While household credit decreased by 32 trillion won in the first quarter of 2024 due to monetary tightening, it rebounded to show growth for eight consecutive quarters starting from the following quarter. However, the increase in the latest quarter was smaller than the previous quarter's rise of 14.3 trillion won. Household credit encompasses loans taken by households from banks, insurance companies, lending firms, and public financial institutions, along with credit card spending (sales credit). Excluding sales credit, the household loan balance at the end of the first quarter was recorded at 1,865.8 trillion won, an increase of 12.9 trillion won from the previous quarter. By loan type, the mortgage loan balance reached 1,178.6 trillion won, reflecting an increase of 8.1 trillion won in the first quarter, marking two consecutive quarters of growth. This increase was influenced by a reduced decline in loans from public financial institutions and other financial intermediaries. The balance of other loans, including credit loans and credit extensions from securities firms, amounted to 687.2 trillion won, up by 4.8 trillion won from the previous quarter. The growth was primarily driven by an increase in credit extensions from securities firms. Lee Hye-young, head of the Bank of Korea's Financial Statistics Team, noted, "Credit extensions from securities firms increased by 7.3 trillion won in the first quarter, significantly up from the previous quarter's increase of 3.3 trillion won. This marks the third-largest increase on record." In terms of lending sources, the balance of household loans from deposit banks was 1,009.6 trillion won, a decrease of 2 billion won. While mortgage loans increased by 3 billion won, other loans fell by 6 billion won. The increase in mortgage loans was significantly lower than the previous quarter's rise of 48 billion won. The balance of household loans from non-bank deposit-taking institutions, including mutual finance, savings banks, and credit cooperatives, was 325 trillion won, reflecting an increase of 82 billion won, largely due to a surge of 106 billion won in mortgage loans. Other loans decreased by 25 billion won. Lee added, "The increase in deposit banks has slowed significantly, while the rise in non-bank institutions reflects pre-regulatory demand for loans." Regarding the ratio of household debt to GDP, Lee stated, "Household credit increased by 3.5% annually, while the preliminary real GDP growth rate was 3.6% compared to the same period last year. Based on this, the household debt ratio is expected to decrease further in the first quarter. It appears that household credit is gradually stabilizing, and if growth rates remain high, we anticipate a further decline." Looking ahead, Lee remarked, "Household credit tends to increase as the economy grows. While we do not expect a significant surge in the future, we need to monitor the recent uptick in housing transactions closely."* This article has been translated by AI. 2026-05-19 13:04:49