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Chinese Tourist Numbers Plummet, Korean Visitors Surge in Japan Chinese tourist numbers have fallen below half, leading to a decrease in foreign visitors to Japan in the first half of this year for the first time in five years. In contrast, the number of Korean tourists exceeded 5.67 million, making them the largest group by nationality, while visitors from Taiwan and the United States also increased, significantly offsetting the decline from China. Despite the drop in visitor numbers, travel spending in Japan has actually risen.The Japan National Tourism Organization reported on July 15 that the number of foreign visitors to Japan in the first half of this year (January to June) totaled 21,084,800, a 2.0% decrease from the same period last year. This marks the first decline in the first half of the year since the COVID-19 pandemic in 2021. In June alone, 3,148,600 people visited Japan, a 6.8% drop compared to the same month last year, continuing a three-month streak of declines.The primary reason for the decrease in visitors is the sharp decline in Chinese tourists. In the first half of the year, the number of Chinese visitors fell to 2,058,200, down 56.4% from the same period last year. This decline follows comments made by Japanese Prime Minister Sanae Takaichi in November regarding Japan's potential involvement in Taiwan's defense, which prompted the Chinese government to urge its citizens to refrain from traveling to Japan. In June, the number of Chinese visitors was 340,700, a 57.3% decrease from the same month last year, marking seven consecutive months of decline.Asahi Shimbun noted that the Chinese government's travel advisories are backed by institutional mechanisms that allow it to control citizens' overseas travel. Hiroshi Kajii, a professor at Aichi University who studies China's tourism regulations, explained in an interview with Asahi Shimbun that the Chinese government designates travel destinations for its citizens and manages overseas group travel through travel agency licensing. Chinese citizens cannot apply for Japanese tourist visas directly at the Japanese embassy in China; they must go through government-designated travel agencies. As a result, travel agencies find it difficult to oppose government policies regarding their operating licenses. Kajii stated that even without official prohibitions, verbal directives from authorities can effectively halt the sale of travel packages to Japan and the acceptance of visa applications.In fact, the Chinese government reportedly instructed travel agencies last November to reduce the sale of group travel packages to Japan and to stop accepting applications for group travel visas. Chinese airlines have also significantly cut back on flights to Japan. This situation mirrors the response in 2017 when China limited travel agency sales of packages to South Korea in retaliation for the deployment of the THAAD missile defense system, resulting in a drop in Chinese visitors to South Korea from 8.07 million to 4.17 million.Increase in Korean and Taiwanese Tourists to JapanThe decline in Chinese tourists has been largely compensated by increases in visitors from Korea and Taiwan. In the first half of the year, the number of Korean visitors rose by 18.6% to 5,675,100, the highest among nationalities. Taiwanese visitors increased by 20.9% to 3,972,200, while American visitors grew by 7.1% to 1,821,700. In June, visitor numbers from Korea, Taiwan, and the United States all reached record highs for that month.Despite the overall drop in visitors, travel spending has increased. In the first half of this year, foreign tourists' travel expenditures in Japan reached 4.8469 trillion yen (approximately $44.35 billion), a 1.3% increase from the same period last year. In the second quarter, spending also rose to 2.5096 trillion yen, marking a 0.2% increase and setting a record for that quarter. Per capita travel spending in the second quarter increased by 3.3% to 244,457 yen (approximately $2,237). This increase is attributed to rising spending by tourists from regions outside of China amid a continued depreciation of the yen.However, per capita spending among Korean tourists actually decreased. In the second quarter, the per capita expenditure for Korean tourists fell by 2.3% compared to the same period last year. In contrast, per capita spending for Chinese and Taiwanese tourists increased by 9.4% and 9.2%, respectively, while tourists from Indonesia and the Philippines saw increases of 34.4% and 15.1%.Tourism to Japan has become a major source of foreign currency for the economy. Last year, foreign tourists' travel expenditures in Japan reached 9.45 trillion yen, more than eight times that of 2010. When compared to Japan's export figures for specific items, this amount exceeds that of semiconductors and electronic components, and is second only to automobiles.The Japanese government aims to increase annual foreign visitors to 60 million and travel spending to 15 trillion yen by 2030. Last year, the number of foreign visitors reached a record high of 42.68 million, but the recent travel restrictions imposed by the Chinese government highlight how diplomatic factors can disrupt the entire Japanese tourism market. Asahi Shimbun pointed out the need to address the concentration of visitors in major urban areas like Tokyo and Osaka and to expand consumption in regional areas and services.* This article has been translated by AI. 2026-07-16 16:40:00
President Lee: Personal Data Fines Based on Law and Policy, Targeting Coupang? President Lee Jae-myung stated on July 16 that the increase in fines for personal data violations is based on laws and policies without consideration for the characteristics of any specific company.During a report from the Personal Data Protection Commission at the Blue House, President Lee remarked, "Recently, the amount of fines related to personal data protection has increased, and it seems that some companies are claiming, 'Is this targeting me?'"His comments are interpreted as a rebuttal to Coupang, which received a record fine exceeding 620 billion won due to a massive data breach, and to claims made by Coupang that the penalties constitute discrimination against American companies.President Lee emphasized, "It should be clearly explained that the South Korean government's policy is to strengthen sanctions, and that these actions are taken according to laws and policies without regard for the characteristics of any company."He added, "According to the recently established policy, we need to significantly increase the penalties for data breaches or misuse so that the costs of personal data protection far exceed those of companies, compelling them to engage in actual data protection activities."Song Kyung-hee, chair of the Personal Data Protection Commission, stated, "The commission focuses on legal violations and imposes strict and fair penalties regardless of the country, company, or institution involved. In fact, companies that report violations in good faith receive benefits in the form of reduced fines."Earlier, on June 10, the Personal Data Protection Commission imposed a record fine of 624.681 billion won on Coupang for its responsibility in the leakage of personal data affecting 37.5 million customers.* This article has been translated by AI. 2026-07-16 16:40:00
Hanwha Aerospace's Arion Smet Selected for Military Multi-Purpose Drone Program Hanwha Aerospace has been selected as the preferred bidder for the military's multi-purpose unmanned vehicle project.On July 16, the Defense Acquisition Program Administration (DAPA) announced that it finalized the selection of Hanwha Aerospace's Arion Smet as the model for the multi-purpose unmanned vehicle project during a meeting of its Defense Acquisition Planning and Management Committee.The multi-purpose unmanned vehicle is designed to perform various missions, including surveillance, reconnaissance, and transport of supplies and casualties in infantry operations. It is considered a key asset for the Army's future combat system, known as Army TIGER 4.0.The selected Arion Smet is the first domestically developed multi-purpose unmanned vehicle, created through a civil-military collaboration project. It boasts a payload capacity of approximately 450 kg, features for friend-or-foe identification using day and night surveillance equipment, and the ability to operate continuously for extended periods, earning it a reputation for world-class performance. The vehicle's overall domestic production rate exceeds 98%, including key equipment such as the Remote Controlled Weapon Station (RCWS).DAPA explained that the model selection evaluation was finalized after a comprehensive review of the proposals, test results, negotiations, and performance verification, followed by deliberation and resolution by the Defense Acquisition Planning and Management Committee.The agency plans to proceed with the contract signing within the third quarter of this year, aiming for operational capability by 2027-2028.A DAPA official stated, "The evaluation and bidding process for the multi-purpose unmanned vehicle project were conducted fairly and legally in accordance with relevant laws and procedures. We will continue to adhere strictly to these regulations to ensure a fair and transparent project execution."* This article has been translated by AI. 2026-07-16 16:40:00
EcoProBM Plans 1.2 Trillion Won Capital Increase to Boost Future Growth "The funds from the capital increase will not be used to repay debt. Every penny will be invested in growth to enhance corporate and shareholder value."Kim Jang-woo, CEO of EcoProBM, announced on July 16 during a shareholders' meeting in Yeouido, Seoul, that the company will proceed with a planned capital increase of 1.2 trillion won. Despite requests for clarification from the Financial Supervisory Service and a recent drop in stock prices, the company intends to invest in its nickel refinery in Indonesia and production facilities in Hungary and Pohang to secure cost competitiveness and future growth.Kim stated, "Considering the company's financial situation and the necessary investment scale, we believe that a capital increase is the most suitable funding method at this time. The raised funds will be fully utilized for growth investments and business operations, not for debt repayment, to enhance future corporate and shareholder value."He added, "I believe the Financial Supervisory Service's request for clarification is not aimed at reducing the capital increase but rather at requiring a more detailed explanation of investment risks and the use of funds."Kim also mentioned that preparing the revised report will not take 10 to 20 days, estimating that it could be submitted within a week to ten days, depending on the preparation status. He noted that the schedule for the capital increase has been established with some consideration of the possibility of further requests for clarification, predicting limited impact on the existing timeline.Of the 1.2 trillion won raised through the capital increase, EcoProBM plans to allocate 765 billion won to secure a stake in the Indonesian nickel refinery. The company will invest 150 billion won each in enhancing the competitiveness of its Hungary and Pohang facilities, with the remaining 135 billion won earmarked for operational funds needed for production expansion.The investment in the Indonesian refinery is aimed at securing nickel, a significant component in cathode material, at a low and stable cost. EcoProBM plans to acquire a 39% stake in the refinery, becoming the largest shareholder and a key participant in its operations.The refinery is expected to begin commercial operations in the second to third quarter of next year, producing 40,000 to 50,000 tons in its first year and increasing to 80,000 to 90,000 tons annually from the following year. The company anticipates that if nickel prices exceed $16 per kilogram, it will generate sufficient profits, and if prices rise above $18 around 2030, it could achieve an operating profit margin of about 25%.For the Hungary plant, EcoProBM plans to invest 900 billion won in facility upgrades, capacity expansion, and automation, while allocating 600 billion won for operational funds. The current production capacity of 54,000 tons is expected to increase to about 60,000 tons, with sales projected to grow from 10,000 tons this year to 30,000 tons next year and over 50,000 tons the following year. Kim emphasized that the Hungary plant is a key hub for responding to local production regulations in Europe and aims to quickly increase operational rates by linking with local battery manufacturers such as Samsung SDI and SK On, as well as major automakers' supply chains in Europe.The 150 billion won investment in the Pohang plant will be used to modify the existing high-nickel production line for high-voltage mid-nickel product production and to establish facilities for solid-state battery materials and automation. Currently, the operational rate of the Pohang plant is around 40%. The company is working on modifying existing idle facilities for mid-nickel and solid-state material production.Kim also emphasized that the company aims to achieve visible results in new orders within the year. EcoProBM has secured 2 to 3 new orders for high-nickel products from domestic and international clients, with some already in preparation for mass production or having started actual production. He stated, "We are also conducting prototype tests and discussions on specific mass production schedules for high-voltage mid-nickel products with domestic and international battery manufacturers and global automakers."EcoProBM plans to increase its cathode material sales from approximately 70,000 tons last year to 230,000 tons by 2030. Based on this, the company aims to achieve about 9 trillion won in sales from the cathode material business and approximately 2.5 trillion won from the nickel refining business, targeting over 10 trillion won in consolidated sales and 1 trillion won in operating profit.During the meeting, some shareholders expressed concerns regarding the capital increase and delays in new orders. One shareholder remarked, "We have been hearing about new orders for years, but there are no visible results," questioning whether the capital increase could be reduced by lowering the stake in the Indonesian refinery.In response, Kim expressed regret over the disappointing stock performance, acknowledging his responsibility as the company's leader. However, he clarified that the stake in the refinery was negotiated down from an initial 45% to 39%, emphasizing that maintaining the current level of ownership is necessary for effective management as the largest shareholder.He concluded by stating, "I take the shareholders' concerns about the lack of concrete results from new orders seriously. We are currently in the stage of producing prototypes for customer testing, and we will deliver visible results related to new orders within this year." 2026-07-16 16:36:00
SK Telecom, Naver, Samsung Urge Urgent Reforms for AIDC System as Ministry Plans Alliance Launch The artificial intelligence data center (AIDC) industry is calling on the government to simplify licensing processes, provide tax incentives, and establish dedicated organizations to improve the AIDC special law. The Ministry of Science and ICT announced it will operate a task force with relevant departments to address issues related to power, land, and financing, and plans to launch the 'AIDC Alliance' in the second half of the year to incorporate industry feedback.On July 16, a strategy discussion on promoting AI infrastructure investment and export was held at the National Assembly. The effectiveness of the AIDC special law was a key topic of discussion.Yoon Sung-eun, head of the Communication Center and AI Policy Research Institute at SK Telecom, stated, "The AIDC special law must not only be enacted but also expedite the actual licensing process. It is essential to quickly address power, environmental, and administrative procedures."Yoon also emphasized the need for regulatory improvements to attract global tech giants and create a testing environment for overseas exports. He noted, "Southeast Asian countries like Vietnam lack the power infrastructure to operate large-scale AIDCs. To implement a package strategy that builds data centers alongside power facilities, we need to secure references through at least one or two on-site power demonstrations in Korea."Naver Cloud called for expanded tax incentives. Bae Sung-jun, executive director of Naver Cloud, explained, "About 70% of the costs for building AI factories are invested in computing infrastructure like GPUs. While GPUs need to be replaced every 2-3 years, accounting depreciation is applied over five years, which burdens investment decisions." He proposed expanding tax credits for AI infrastructure investments, joint GPU purchases, and establishing a demand forecasting system for public and private sectors.Samsung SDS recommended the establishment of a dedicated AIDC organization and the creation of clusters. Lee Hang-jae, executive director of Samsung SDS, stated, "There are limits to companies resolving issues related to land, power, and community complaints individually. The government should create regional clusters and establish a permanent organization dedicated to AI data centers." He also highlighted the need for collaboration with the Ministry of Trade, Industry and Energy to localize AI infrastructure components and improve overlapping regulations.In response, Kim Kyung-man, head of the AI Policy Division at the Ministry of Science and ICT, stated, "We are operating a task force with department heads to coordinate issues related to power, land, and financing, holding regular meetings once a month and additional meetings as needed. In the second half of the year, we plan to launch the AIDC Alliance, which will include companies and support organizations to discuss and find solutions to industry and regulatory issues." 2026-07-16 16:36:00
KOSDAQ-listed battery materials maker seeks Nasdaq debut through SPAC merger SEOUL, July 16 (AJP) - South Korean battery materials maker Enchem on Thursday unveiled its plans to list its U.S. affiliate on Nasdaq through a merger, aiming to tap U.S. capital markets for its North American expansion. The announcement of the plan sent its shares up 17.99 percent to 25,250 won, after the KOSDAQ-listed stock climbed as high as 26,900 won earlier in the day. Under the plan, its U.S. affiliate Enchem America will merge with TLGY Acquisition Corp., a Nasdaq-listed special purpose acquisition company (SPAC). The merger, expected to be completed by this fall, will allow Enchem America to become part of a Nasdaq-listed company, providing access to U.S. public capital markets without a traditional initial public offering (IPO). In return, Enchem will receive TGHL shares, giving it an 85 percent stake in the Nasdaq-listed company and allowing it to retain control of its U.S. business. Following the merger, TGHL will own Enchem America, while Enchem will remain its largest shareholder. However, Enchem's ownership stake could be diluted if TGHL issues new shares to raise funds. The company aims to raise up to $200 million from global investors with the exact amount and timing depending on market conditions and investment agreements. The funds will be used to expand Enchem America's manufacturing capacity, strengthen its North American supply chain and support future growth. The company said the Nasdaq listing would improve financial flexibility and broaden its funding options. 2026-07-16 16:32:36
Labor Minister Visits Severance Hospital to Discuss Four-Day Workweek for Healthcare Workers The government is discussing ways to reduce actual working hours for healthcare workers while maintaining continuity of medical services and patient safety during a visit to Severance Hospital, which is piloting a four-day workweek.The Ministry of Employment and Labor announced that Minister Kim Young-hoon visited Severance Hospital in the Seodaemun District of Seoul on July 16 to tour the ward implementing the four-day workweek and hold a meeting with hospital management, labor representatives, and experts. The meeting addressed improving the working environment in hospitals, including reducing actual working hours, protecting the health of night shift workers, and preventing workplace harassment.The hospital's labor and management agreed to pilot the four-day workweek through a collective agreement in 2022. The program began in 2023 in three wards at Severance Hospital and Gangnam Severance Hospital, with plans to gradually expand participation to six wards, including Yongin Severance Hospital.The pilot program recruits volunteers considering the characteristics of the wards and the personal circumstances of workers, such as childcare, health, education, and work-life balance. Participants work 32 hours over four days in a rotating six-month cycle. Additional staff are assigned to each ward to maintain continuity of medical services and minimize work gaps. Salaries are maintained at 90% of the previous total, and annual leave is based on the existing five-day workweek standard.Initial evaluations of the pilot program have shown positive results. The resignation rate for nurses with less than three years of experience dropped from 19.5% to 7.0%, and physical burnout improved from 79.7 to 40.1. The rate of presenteeism, where employees come to work despite being ill, decreased from 86.4% to 55.2%. The average number of sick days taken fell from 3.05 to 2.2, and satisfaction with work-life balance increased from 3.7 to 6.2.During the meeting, participants discussed the achievements and areas for improvement in the four-day workweek implementation, the management of substitute staff, and financial support measures. They also addressed strategies for protecting the health of night shift workers and improving workplace culture to prevent harassment, often referred to as 'taewoom' in nursing.Minister Kim stated, "Since medical services are directly related to the lives of citizens, it is crucial to create a working environment where workers can stay healthy while prioritizing patient safety and the quality of care. The Severance Hospital case demonstrates the potential for reducing actual working hours while enhancing the quality of medical services through labor-management cooperation." He added, "We will work with the Ministry of Health and Welfare to develop ways to directly support healthcare settings and create flexible working hour models suited to the conditions of each workplace. We will also focus on preventing workplace harassment and fostering a healthy organizational culture through workplace innovation consulting and labor education programs."* This article has been translated by AI. 2026-07-16 16:32:00
Government Halts New Single-Stock Leverage Products, Raises Deposit Requirement The government has implemented comprehensive regulations on single-stock leverage products, which have contributed to increased market volatility amid recent investment surges. The launch of new products will be temporarily halted, and the minimum deposit requirement will be raised to 30 million won, alongside a complete ban on advertising.On July 16, Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol announced these measures during a joint market situation assessment meeting held at the Korea Federation of Banks.Koo assessed that the recent surge in stock prices has led to profit-taking and rebalancing, influenced by various forecasts regarding the global AI economy and semiconductor industry, as well as the high proportion of semiconductors in the national economy, contributing to ongoing market volatility.Due to concerns about increased market volatility stemming from the rapid growth in market capitalization and trading volume of single-stock leverage products, the government has decided to implement supplementary measures after consultations with relevant agencies.To prevent overheating in investment demand, the government will temporarily suspend the launch of new single-stock leverage products until the market stabilizes and will also impose a complete ban on advertising.The minimum deposit for domestic and foreign single-stock leverage products will be raised from the current 10 million won to 30 million won, with the requirement that it be paid in cash. Additionally, the government will enhance risk guidance and education for investors. The trading unit for single-stock leverage products will also be expanded.Regulations on liquidity providers (LP) will be tightened to prevent excessive divergence between product prices and actual asset values. The current management obligation standards for LP divergence rates—3% for domestic stock ETFs and ETNs and 6% for foreign stock ETFs and ETNs—will be strengthened, and penalties for securities firms and asset management companies that violate these standards will be increased.Meeting participants stated they will closely monitor the trends and market impacts of single-stock leverage products and will consider additional market stabilization measures if necessary.Meanwhile, following the Bank of Korea's recent interest rate hike, movements in the financial market remained relatively limited. However, the government plans to continuously assess market conditions and implement measures to alleviate the burden on vulnerable borrowers, including small and medium-sized enterprises, small business owners, and low-income households, in response to rising interest rates.* This article has been translated by AI. 2026-07-16 16:28:00
President Lee Calls for Measures Against Deepfake Misuse President Lee Jae-myung highlighted on July 16 that AI-generated deepfake videos and images, which can be indistinguishable from real individuals, could be misinterpreted as factual evidence if not clearly labeled.During a report meeting at the Blue House with the Ministry of Science and ICT, the Korea Communications Commission, and the Personal Information Protection Commission, President Lee stated, "These days, it is difficult to distinguish between AI-generated content and actual situations, as they closely resemble real footage."He warned, "Without proper labeling, serious misunderstandings can arise, and if misused, the consequences could be severe. Given that the risks associated with AI-generated content are already materializing, we must have countermeasures in place."According to the current AI Basic Act, videos and images created by generative AI must be labeled as AI-generated. Specifically, deepfakes that alter real individuals or actual events must be visibly marked for users to recognize immediately. Violating this labeling requirement can result in fines of up to 30 million won, but enforcement of these regulations has been suspended for a year.President Lee pointed out that the existing law only imposes labeling obligations on AI model developers and users, while failing to regulate general distributors who may remove or alter labels on generated content before redistributing it.He noted that domestic portals typically block posts upon receiving reports of defamation or rights violations, followed by an appeals process. However, overseas platforms often do not implement proper identity verification or removal actions.Earlier in the meeting, President Lee remarked, "In the future, we may have to coexist with AI that matches or exceeds human intelligence in all areas of our society," adding, "The world is undergoing a civilizational transformation driven by AI."He expressed optimism, stating, "I believe this situation presents a critical opportunity for us. If we effectively leverage our strengths and address our weaknesses, we can become leaders rather than followers. A slight edge can lead to limitless opportunities."President Lee also mentioned that within a year of his administration's launch, the scientific and technological innovation ecosystem has been normalized, correcting previous budget cuts in research and development (R&D) and addressing harsh measures in the science and technology sector. He noted that significant private investments have recently been attracted.* This article has been translated by AI. 2026-07-16 16:24:00
Debate Intensifies Over Single-Stock Leverage ETFs in South Korea 'The buck stops here!' This phrase, though somewhat tarnished by the actions of a former president who plunged the country into chaos with an unexpected declaration of martial law, encapsulates the essence of public service. It is rare for anyone to take full responsibility for their actions, especially when faced with criticism. It is human nature to avoid blame. This is particularly true for public officials who formulate and implement significant policies. Acknowledging a policy's failure or error and accepting responsibility is a challenging task, as it often directly correlates with job security. Nevertheless, the underlying truth of this phrase is that a good public servant should be willing to take responsibility. The controversy surrounding single-stock leverage ETFs has been escalating for three weeks. The spark for this debate was ignited by comments made by Lee Chan-jin, the Director of the Financial Supervisory Service, on June 22. He expressed regret, stating, "I should have done everything possible to prevent the product's launch. I regret that I did not." He also remarked, "This only benefits the securities firms." His comments suggested that single-stock leverage ETFs are a 'monstrous product' that should never have been introduced. Following his remarks, single-stock leverage ETFs became labeled as a 'public enemy' and were blamed for turning the KOSPI into a 'gambling den.'His statements are not without merit. A product that can fluctuate by as much as 60% in a single day is unprecedented in our stock market. It resembles a 'meme coin,' enticing investors with the allure of both massive gains and significant losses. This is why over 10 trillion won has suddenly flowed into this product. Additionally, since its introduction, market volatility has increased. However, whether this is a clear causal relationship or mere coincidence requires thorough analysis. Notably, Lee's comments have sparked another controversy regarding accountability. When he stated, "I should have prevented the product's launch," attention shifted to who he believed should have been responsible for that prevention. A former financial official pointed out that his remarks implied he bore no responsibility and that the product's launch was driven by someone else. In fact, the market has begun to question, 'Who is responsible?' The opposition party has been consistently targeting the government with calls for accountability. The Blue House's policy chief has also been drawn into the debate over responsibility. Tensions have arisen among the Financial Services Commission, the Financial Supervisory Service, the Korea Exchange, the Korea Financial Investment Association, and the securities industry, as each entity tries to deflect blame from their organization. On July 15, President Lee Jae-myung weighed in on the issue. During a meeting with Lee Chan-jin at a Financial Services Commission briefing, he remarked, "It seems you have been facing a lot of challenges lately due to the Samsung and Hynix ETFs..." Lee Chan-jin responded, "As the market manager, I accept my responsibility." The president then instructed him to swiftly prepare supplementary measures, focusing on problem-solving rather than assigning blame. As a result of the president's directive, the debate over responsibility for the launch of single-stock leverage products has subsided for now. The focus has shifted to what supplementary measures will be implemented. The government is expected to announce follow-up measures regarding single-stock leverage ETFs soon. Given the president's mention of 'supplementary' measures, it seems likely that the response will involve mechanisms to prevent excessive betting by individual investors rather than a complete withdrawal of the product. However, the effectiveness of these supplementary measures and their potential to reduce market volatility remain to be seen. Investors have already become accustomed to chasing high returns rather than fearing losses. If restrictions are placed on domestic single-stock leverage products, many may turn their attention back to overseas options, which could once again impact exchange rates. It is well-known that the initial purpose of introducing single-stock leverage was to stabilize exchange rates. There are further concerns. If market volatility continues even after the announcement of supplementary measures, the question of accountability will resurface. At that point, who will take responsibility? Will we hear again, "I should have done everything possible to prevent it?"* This article has been translated by AI. 2026-07-16 16:20:00