AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

&
""
Latest by
  • Financial Services Commission to Improve Investor Experience with T+1 Settlement and Interest on IPO Deposits
    Financial Services Commission to Improve Investor Experience with T+1 Settlement and Interest on IPO Deposits The Financial Services Commission (FSC) is set to implement reforms aimed at reducing the inconveniences investors face during stock trading. The commission is preparing to introduce a T+1 settlement system, which shortens the stock settlement period to one day, while also exploring the option of paying interest on IPO subscription deposits and reviewing the high interest rates on sale proceeds collateral loans, which currently hover around 9%. This initiative is part of a broader plan to enhance the convenience for individual investors alongside structural reforms in the capital market.On July 15, the FSC announced during a briefing at the Blue House that it will pursue a series of measures to improve the unreasonable structures in the capital market.First, the FSC plans to establish a roadmap for the T+1 settlement system by October. Currently, the domestic stock market operates on a T+2 basis, where actual settlements occur two days after a trade. The United States is transitioning to T+1 starting in 2024, and major markets such as the European Union, the United Kingdom, and Australia are also moving towards this system.The FSC anticipates that, following a comprehensive overhaul of the foreign exchange market, securities settlement systems, and related regulations, the T+1 system could be implemented as early as the second half of 2027. However, due to the need for changes in trading methods for foreign investors and system upgrades, the FSC emphasizes the importance of thorough preparation before implementation.By shortening the settlement period by one day, investors can expect to receive sale proceeds more quickly, enhancing their capital utilization and reducing settlement risks for brokerage firms.In conjunction with the settlement period reform, the FSC will also assess the appropriateness of interest rates on sale proceeds collateral loans. Currently, investors who need funds until the settlement date after selling stocks can borrow against their sale proceeds from brokerage firms, but the interest rates are around 9%.The FSC stated, "There have been concerns regarding the high interest rates, especially since sale proceeds are a stable collateral with virtually guaranteed principal recovery. We plan to explore improvements to alleviate the financial burden on investors while preparing for the T+1 implementation."Additionally, the FSC is working on a plan to pay interest on IPO subscription deposits. Currently, investors deposit their subscription funds with brokerage firms during the IPO process, but they do not earn any interest while their funds are held until allocation results are announced.The FSC is considering a framework that would return a portion of the profits generated from managing these deposits, taking into account the costs associated with the IPO subscription process. A legislative proposal to include IPO subscription deposits under the applicable customer deposit usage fee rate has already been submitted. However, the FSC will further review whether to pursue this through legislative changes or alternative methods.* This article has been translated by AI. 2026-07-15 17:00:00
  • Debate Over Youth Housing Loans Highlights Financial Policy Challenges
    Debate Over Youth Housing Loans Highlights Financial Policy Challenges Concerns are growing that without parental support, young people may struggle to buy homes. "The income and asset criteria for policy loans exclude young people who truly need assistance. Can we reduce these blind spots?" said Choi Seo-eun, a woman in her 20s.Experts are divided on whether to expand loan support to restore the housing ladder for young people. Some argue that increasing financial support, such as policy mortgages, is essential for young individuals with limited assets, while others caution that lowering loan thresholds in a constrained supply environment could merely inflate home prices and household debt.On July 15, the Financial Commission held a public discussion on real estate financial policy at the Bank Hall in Jung-gu, Seoul, focusing on support for young homebuyers and the management of jeonse loans. The opinions expressed will be reviewed by relevant ministries and discussed at a comprehensive real estate policy forum attended by President Lee Jae-myung on July 23.Lee Ok-yeon, chair of the Financial Commission, noted, "There is a coexistence of concerns about household debt and housing market stability, alongside worries that the housing ladder for young and non-homeowners has narrowed. I urge discussions on how to precisely distinguish between genuine and speculative demand, ensuring that jeonse loans support housing stability for the underprivileged without exacerbating market instability."During the discussion, concerns were raised that the criteria for policy loans could push young people out of the system. Shin Jin-chang, secretary general of the Financial Commission, referred to the so-called "marriage penalty," where dual-income couples are excluded from policy loans due to simple income aggregation. He stated, "If there are unreasonable aspects in the income and asset criteria, we will consider adjustments based on the feedback received."Opinions on supporting youth loans were polarized. Lee Dae-yeol, head of the Korea Housing Association, argued, "If loan eligibility is determined solely by current income and assets, even capable young individuals will find it difficult to purchase homes. The disparity among young people may widen depending on parental asset support." He suggested enhancing existing systems like policy mortgages rather than directly easing regulations.Conversely, Professor Park Sun-young of Dongguk University warned that expanding financial support in a limited supply environment could benefit sellers or developers rather than young buyers. He likened easing loan regulations to "drinking saltwater when thirsty," emphasizing the need to prioritize supply and fiscal policies, such as public rental housing and special allocations.SK Securities Executive Director Seo Young-soo expressed concern about uniformly categorizing young people as genuine demanders. He cautioned that failing to distinguish between young individuals who can afford high-priced homes with parental or grandparental support and those preparing to buy without assets could lead to further disparities and market distortions.Opinions also diverged regarding jeonse loans. Kim Mi-ru, a researcher at the Korea Development Institute (KDI), argued that jeonse loans backed by public guarantees could drive up rental prices in areas with limited supply, advocating for a focus on vulnerable groups in determining loan eligibility. In contrast, Kim Won-jang, vice president of Sampro TV, contended that not all demand from non-homeowning low-income individuals seeking better rental options near their workplaces should be viewed as speculative, stressing that jeonse loans for genuine demanders should not be uniformly reduced in the context of a shortage of public rental housing. 2026-07-15 17:00:00
  • Martin Parr Exhibition Opens at Seoul Museum of Art
    Martin Parr Exhibition Opens at Seoul Museum of Art If you're tired of endless social media posts showcasing travel, dining, and luxury, or if your daily life feels dull and monotonous, consider visiting the exhibition "We Are Martin Parr" at the Seoul Museum of Art.Viewing the everyday life captured through the lens of the late Martin Parr (1952–2025), a master of contemporary photography, often elicits a chuckle. The ordinary can indeed be the most extraordinary landscape filled with humor and irony.Andrea Holscher, Global Culture Director at Magnum Photos, stated at a press conference on July 15 at the Seoul Museum of Art, "Martin Parr viewed his contemporaries with a humorous, critical, and insightful eye. His photographs, which capture tourism, leisure, consumption, and culture, are part of our shared visual memory."This exhibition is the first major retrospective of Parr's work in Asia since his passing last year. It features over 500 photographs, one video, and 90 photo books, showcasing his artistic journey from early black-and-white works in the 1970s to his later pieces.Breaking the conventional notion that documentary photography only addresses war or political events, Parr expanded the boundaries of the medium. Holscher noted, "He demonstrated that history exists not only in war and politics but also in the everyday lives of people." Parr meticulously captured moments that might otherwise go unnoticed, prompting viewers to see familiar routines in a new light. His unique use of vibrant colors and humor reflects modern desires, tastes, consumption, and behaviors. He once remarked, "I simply show what people already know," and "There is surprisingly interesting aspects in the mundane." These statements encapsulate his artistic vision.The exhibition includes series that explore modern society through the lenses of tourism, leisure, and consumer culture, such as "Small World," "Last Resort," and "The Cost of Living," along with works titled "Common Sense," "Death Selfie," "South Korea," "North Korea," and "Self-Portrait." What stands out most is Parr's flexible perspective. In a photograph of a woman in a leather coat hurriedly walking with a cardboard box on her head on a rainy day, one can see the clarity and sudden obscurity of life. In another image of a couple with a bored expression at a wine bar overlooking a stylish café and high-rise buildings, viewers may chuckle, only to be struck by the realization that "life is quite similar for everyone." In an ironic world where people risk their lives for the perfect photo (as seen in his "Death Selfie"), Parr's self-portraits evoke memories of cheap souvenir photos from tourist spots. He states, "Let's admit it, the world is funny. So are people." The exhibition runs from July 16 to October 18 at the Seoul Museum of Art. 2026-07-15 17:00:00
  • Robots Carry Cargo and Data Drives Ports: Advancements in AI Maritime Era
    Robots Carry Cargo and Data Drives Ports: Advancements in AI Maritime Era A robot walking on four legs like a dog stopped among the crowd and performed a backflip. Nearby, a logistics robot from ROBOE was autonomously transporting boxes. These demonstrations from Mobilio's quadruped robot and ROBOE's logistics robot showcased the future of smart ports.On July 15, the Incheon International Maritime Forum was held at the Songdo Convensia in Incheon under the theme 'The Future of the Ocean in the Age of Artificial Intelligence (AI).' The event featured five regular sessions, one special session, a seminar linked to the forum, an AI competition hosted by local universities, and a physical AI exhibition.Lee Kyung-kyu, president of the Incheon Port Authority, stated, "As the Incheon International Maritime Forum has established itself as the largest maritime forum in the metropolitan area, I hope it will serve as an opportunity for the industry, academia, and the general public, especially the youth, to discover new values in the maritime sector."In the first keynote address, Professor Choi Jae-bung from Sungkyunkwan University discussed the social challenges and future changes faced by maritime cities during the AI civilization transition. Following him, Joo Si-hyun, an executive at Hyundai Motor and Kia, presented innovative applications of AI technology in port logistics and maritime mobility.The subsequent sessions covered six topics: shipping and logistics, smart ports, marine tourism, marine tourism and energy, AI-based maritime cities, and Incheon's AI industry. Experts discussed the necessity of integrating AI into the shipping industry and the challenges of practical application.Professor Chinsan Lu from National Taiwan Ocean University presented on 'AI and Global Networks.' He emphasized, "AI-related capabilities have become a crucial factor," noting that reports indicate applying AI to container and terminal operations could reduce costs by 20-30%, with shipping companies potentially cutting operational costs by 5% to as much as 15%."Professor Lu stressed that the most important factor for companies pursuing AI application is the AI capabilities of their management teams.Following him, Associate Professor Wei Yim Yap from the National University of Singapore diagnosed the need for establishing data governance to prepare for the AI era. He specifically pointed out the need to address the 'data silo' phenomenon within shipping networks, where data is not shared between companies or organizations, limiting information collection and utilization.Associate Professor Yap stated, "Global network stakeholders possess vast amounts of data, but the information is fragmented and not integrated. To enhance AI efficiency, addressing the data silo phenomenon is a priority."Professor Yang Dong from Hong Kong Polytechnic University discussed carbon emissions and the shipping industry's response. He suggested that, with carbon costs expected to increase 20-30 times by 2035, companies should focus on data analysis to reduce costs and respond to carbon neutrality frameworks.The second day of the forum, July 16, will be designated as 'Incheon Special Day.' In session five, 'AI-Based Maritime Cities,' Professor Kim Do-nyun from Sungkyunkwan University will lead a discussion on 'Future Mobility and Intelligent Maritime Cities in the AI Era.'* This article has been translated by AI. 2026-07-15 16:56:00
  • Yoons Appeal Hearing on Drone Incursion in Pyongyang to Be Closed to the Public
    Yoon's Appeal Hearing on Drone Incursion in Pyongyang to Be Closed to the Public The appeal hearing for Yoon Suk Yeol, who was sentenced to a lengthy prison term for allegedly infiltrating drones into Pyongyang to justify the declaration of martial law, will proceed behind closed doors, similar to the first trial. The court cited national security concerns for this decision, but Yoon and other defendants, including former Defense Minister Kim Yong-hyun, protested for a public trial.On July 15, the Seoul High Court's Criminal Division 1, led by Judge Yoon Seong-sik, held the first preparatory hearing for the appeal of Yoon, Kim Yong-hyun, former Army Counterintelligence Command Chief Yeo In-hyung, and former Drone Operations Command Chief Kim Yong-dae, who are charged with treason and abuse of power.The court stated, "Given the nature of the case, it is deemed necessary to conduct the proceedings privately to ensure national security," and decided to hold the appeal reason statements in private. However, the court indicated that the public nature of future witness examinations and evidence investigations would be determined on a case-by-case basis.During the hearing, both sides engaged in a dispute over the trial's public nature. The special prosecutor's team argued that the drone operations and internal military decision-making involved numerous military secrets, making a closed trial unavoidable for national security. In contrast, Yoon's defense team insisted that a public trial was essential to uphold the public's right to know and the defendants' right to a fair defense.A lawyer for Yoon stated, "Holding a trial in secret for a case that carries a 30-year sentence could give the impression of a 'rigged trial' to the public," arguing that only sensitive parts should be kept confidential. Kim Yong-hyun, who attended the court in person, also remarked, "While it is true that some national security-related content is included, it is not to the extent that it cannot be disclosed."Former Commander Kim added, "The special prosecutor has misrepresented the military's unique nature as if it were a criminal act," emphasizing the need for a public trial to allow for objective public judgment.However, the court dismissed the defendants' arguments. It explained, "If the trial were to be public, there could be individuals with ulterior motives who take an interest, and the court would bear responsibility for that. Therefore, any aspect that could potentially harm national security must be prioritized in our considerations."The defense team immediately objected, submitting a request for the court to reconsider the decision on public access and maintaining their stance that the appeal reason statements should be conducted in a public courtroom.Yoon and others are accused of plotting and executing operations to deploy drones into North Korea's Pyongyang after October 2024 to create a pretext for declaring martial law.In the previous trial, the court determined that the drone deployment severely compromised national security and military interests, sentencing Yoon and Kim to 30 years in prison each. Yeo received a 15-year sentence, while Kim was sentenced to three years with a five-year probation. Both the special prosecutor and the defendants have appealed the verdict.The appellate court concluded the preparatory hearing and is set to hold the first formal hearing on July 29, where substantive proceedings will begin.* This article has been translated by AI. 2026-07-15 16:56:00
  • Financial Services Commission to Reform KOSDAQ Market with New Dividend System
    Financial Services Commission to Reform KOSDAQ Market with New Dividend System The Financial Services Commission (FSC) is set to accelerate structural reforms in the KOSDAQ market by introducing a segment system next year and establishing a new dividend system that allows companies to distribute dividends as needed. The FSC aims to swiftly remove underperforming companies while supporting the listing of innovative firms, improving the market's structure through measures such as banning dual listings and disclosing companies with low price-to-book ratios (PBR), thereby fostering a long-term investment environment centered on shareholder value.On July 15, the FSC presented its key capital market policy initiatives during a briefing at the Blue House, highlighting the 'Three Major Structural Innovation Programs for KOSDAQ' and the promotion of a shareholder value-oriented corporate culture. President Lee Jae-myung has identified the normalization of the stock market as a core national agenda, emphasizing the need to focus policy efforts on restoring market confidence and enhancing KOSDAQ's competitiveness.The FSC announced plans to enhance both trust and growth in the KOSDAQ market by quickly removing underperforming companies and creating a structure that facilitates the entry of innovative firms. Starting this month, the commission has tightened delisting criteria, particularly for penny stocks, and plans to expand technology-based special listings tailored to company characteristics in the second half of the year.A segment system will also be introduced to differentiate between high-quality and general companies in the KOSDAQ market. The FSC is currently developing detailed classification criteria and aims to implement the system in January 2027 after announcing follow-up measures. Additionally, starting in September, the FSC will enhance support for investor relations (IR) for KOSDAQ companies to improve access for investors to high-quality firms.The FSC is also focusing on establishing market order. To strengthen its capacity to respond to unfair trading practices such as stock manipulation, insider trading, and fraudulent transactions, the commission plans to grant investigators the authority to request communication data and expand the scope of capital market law amendments to include not only market manipulation but also insider trading and fraudulent transactions. Monitoring of false information dissemination and exaggerated disclosures will be intensified, and illegal activities by so-called 'finfluencers' will be targeted for crackdown.Improvements aimed at enhancing shareholder value are also set to begin. Starting in November, the FSC will implement a system to disclose companies with a PBR below industry standards, encouraging firms to voluntarily enhance their value. This initiative is part of a broader 'anti-price suppression' policy to publicly identify undervalued companies and promote efforts for improvement.The FSC will also pursue a ban on dual listings to protect the rights of general shareholders. Proposed amendments to regulations will clarify the duty of parent company boards to act in the best interests of shareholders and establish procedures for shareholder consent and criteria for dual listing exceptions, with implementation expected to begin this month.Changes to the dividend system are also on the agenda. The FSC plans to introduce a system in the first half of 2027 that allows companies to distribute dividends as needed, without being restricted to quarterly or semi-annual schedules. Furthermore, companies will be encouraged to disclose dividend decisions at least six weeks before shareholder meetings, allowing shareholders to assess the dividend size before deciding on proposals. The electronic shareholder meeting platform by the Korea Securities Depository is also set to be established in the fourth quarter to enhance the convenience of exercising shareholder voting rights.President Lee Jae-myung emphasized the need to accelerate capital market reforms during the briefing, stating, "Normalizing the stock market is very important. Necessary measures should be taken swiftly, even in the face of resistance, and new systems that may cause controversy should be implemented cautiously to avoid side effects." He particularly highlighted the KOSDAQ market as a space that should provide opportunities for new companies with growth potential, stressing the importance of filtering out underperforming firms. He also urged for expedited progress on the so-called 'anti-price suppression law,' which has faced legislative delays.* This article has been translated by AI. 2026-07-15 16:52:00
  • Naver Announces AI Fellowship Special Mate
    Naver Announces AI Fellowship 'Special Mate' Naver announced on July 15 that it has selected 110 individuals for its 'Special Naver Mate' program.From the 3,000 participants in the beta version of 'Naver Mate', 11 special mates were chosen from each field. Naver Mate is an AI fellowship program that highlights approximately 3,000 user-generated content (UGC) creators each month based on criteria such as AI briefing citation counts, subject expertise, and activity levels.The representative creators for June include ten individuals from various categories, such as Japan Travel Cafe (travel) and Mandi's Food Log (food). Each of the ten selected special mates from fields like travel, life, and tech will receive additional support funds, with one representative per field receiving 10 million won and ten outstanding creators receiving 3 million won each.Lee Il-koo, head of Naver's content service division, stated, “We are exploring various directions to activate the UGC ecosystem filled with human experiences and insights alongside Naver Mates. We will continue to expand the consensus on good creators and content with users, starting with the first Special Naver Mates.”Naver's 'Naver Mate' program selects and reveals around 3,000 creators each month from blogs, cafes, Q&A platforms, and premium content creators, focusing on expertise and diversity. The selection criteria include AI briefing citation counts. The program provides a total of 20 billion won in activity funds along with an official emblem.Following the beta operation, Naver plans to diversify payment methods based on creator preferences, including Naver Pay points, and expand support to short-form service 'Clip' creators in the second half of the year, aiming to enhance the system by the end of the year.* This article has been translated by AI. 2026-07-15 16:52:00
  • ASML Shares Surge 6% on Strong Q2 Results and Upgraded Annual Forecast
    ASML Shares Surge 6% on Strong Q2 Results and Upgraded Annual Forecast The world's largest semiconductor equipment manufacturer, ASML, based in the Netherlands, saw its stock price soar early on July 15 in European markets, driven by strong second-quarter results and a significant upgrade to its annual forecast.According to reports from CNBC and other outlets, ASML's stock was trading at €1,647.80, up €92 (5.91%) from the previous trading day as of 9:46 AM local time. The stock initially rose nearly 7% but later moderated its gains. Nevertheless, ASML's stock has surged 115% this year.Earlier in the day, ASML announced its second-quarter results, reporting revenue of €9.33 billion (approximately $16 billion), exceeding the market median estimate of €8.8 billion compiled by financial data provider LSEG. The company's net profit also surpassed expectations, reaching €2.92 billion compared to the forecast of €2.62 billion.Additionally, ASML raised its annual revenue forecast from a previous range of €36 billion to €40 billion to a new range of €43 billion to €45 billion. The company also increased its gross margin forecast from 51% to 53% to a new range of 54% to 56%. This marks the second time ASML has upgraded its annual forecast this year.ASML CEO Christoph Hocke stated, “Customers are accelerating their plans to expand production capacity, leading to increased orders across our entire product line and greater visibility into long-term demand.”ASML is the only company in the world that produces extreme ultraviolet (EUV) lithography equipment essential for advanced semiconductor manufacturing. Its major clients include TSMC, Samsung Electronics, SK Hynix, and Micron, all of which are expanding their production capabilities to meet rising demand for AI semiconductors.In response to increasing demand, ASML plans to boost production capacity for its low numerical aperture (NA) EUV equipment and deep ultraviolet (DUV) immersion equipment by 30% compared to previous plans.CEO Hocke also noted that Intel plans to use ASML's high-NA EUV equipment for some production of its next-generation semiconductors, known as 'Panther Lake.' If implemented, this would mark the first use of high-NA EUV technology in mass production of advanced semiconductors.However, the potential for the U.S. to tighten export regulations on ASML's advanced semiconductor equipment to China remains a variable. Despite regulatory uncertainties, ASML maintains its forecast that revenue from China will account for about 20% of its total net sales this year.Some analysts suggest that additional regulations could prompt Chinese customers to make preemptive purchases. Javier Corleone, a stock analyst at Morningstar, told CNBC that there have been instances where Chinese clients rushed to secure equipment ahead of new regulations, indicating that export restrictions could actually stimulate demand for equipment purchases in China.* This article has been translated by AI. 2026-07-15 16:52:00
  • Investigation Reveals Wage Violations Among Environmental Workers
    Investigation Reveals Wage Violations Among Environmental Workers The Blue House reported that an investigation into wage payments for environmental workers, ordered by President Lee Jae-myung, uncovered 586 cases of underreporting and 561 instances of underpayment.Kang Yu-jeong, the chief spokesperson for the Blue House, stated during a briefing at the Chunchugwan that President Lee was informed in February during a senior secretary meeting about local governments failing to ensure proper wage guarantees for environmental workers. In response, the president directed a thorough investigation and emphasized that any responsible parties should face strict penalties, while also ensuring prompt payment of any unpaid wages.Kang explained that the Ministry of the Interior and Safety recently reviewed 2,462 cleaning service contracts issued by local governments over the past three years to verify whether environmental workers were compensated fairly. The review revealed 586 cases where appropriate wages were underreported in contract documents and 561 cases where the wages paid were less than the amounts specified in the contracts.The investigation also identified numerous instances where required labor cost accounts were not maintained or procedures for confirming proper wage payments were not followed.Kang noted that the Ministry of the Interior and Safety would inform local governments of the investigation results and request that any illegal or unfair practices identified be addressed through disciplinary actions against responsible individuals and penalties for the involved companies.Kang further stated that to prevent similar issues in the future, the Ministry of the Interior and Safety, along with the Ministry of Environment and the Ministry of Employment and Labor, plans to collaborate on system improvements and enhanced management measures. She emphasized that the Lee Jae-myung administration will continue to work closely with local governments to protect workers' rights and ensure a fair contracting culture is established in the field.* This article has been translated by AI. 2026-07-15 16:52:00
  • Rising Labor Costs Weigh on Farmers Amid Minimum Wage Increase
    Rising Labor Costs Weigh on Farmers Amid Minimum Wage Increase As the minimum wage is set to rise by 3.7% next year, farmers are increasingly burdened by labor costs. Given the labor-intensive nature of agriculture, this increase in minimum wage is expected to lead to higher production costs. There are concerns that the wage hike could eventually drive up food prices.According to the agricultural sector on July 15, the minimum wage for next year has been established at 10,700 won, deepening farmers' worries about labor shortages. With high exchange rates and fuel prices, the costs of fertilizers, pesticides, and feed have already risen, and now the risk of increased labor costs has become a reality.Farmers are already feeling the strain of rising labor costs. According to the National Data Agency's 2025 Economic Survey of Farms and Fisheries, the average agricultural management cost last year was 28.206 million won, a 3.4% increase from the previous year. Notably, labor costs reached 2.675 million won, marking a 41.8% increase since 2020, which now constitutes 9.5% of total agricultural management costs.Farmers are particularly concerned about the sharp rise in labor costs during peak farming seasons. Demand surges in spring and fall, but labor shortages lead to increased wages. Competition among farmers for available labor has intensified, with some paying more than double the usual rates. As the minimum wage rises, there are fears that labor costs during peak seasons will also increase.Farms that rely heavily on manual labor, such as vegetable growers and livestock producers, are expected to be significantly impacted by the minimum wage increase. Additionally, recent regulations requiring compliance with housing standards for foreign seasonal workers (E-8 visa holders) add to the burden on farmers. The combination of rising minimum wages and stricter regulations is directly translating into increased costs for farmers.While the minimum wage increase may not immediately affect food prices, agricultural product prices are determined by factors such as crop yields, weather conditions, supply and demand, and distribution costs. Moreover, individual farmers often struggle to pass on increased production costs to their selling prices.However, analysts warn that the accumulated burdens will inevitably return as a boomerang effect. There is a possibility that the increase in labor costs will eventually be reflected in selling prices. If farmers unable to bear the rising labor costs reduce their cultivation areas or abandon farming altogether, it could lead to a decrease in supply.In response, voices within the agricultural sector are calling for the expansion of a 'public seasonal labor program.' This would reduce the ancillary costs incurred when individual farmers directly hire foreign workers, such as housing and workers' compensation insurance.There are also calls to strengthen support for agricultural mechanization. An industry representative stated, "The government needs to invest actively in the mechanization of vegetable farming with a long-term perspective to alleviate the labor cost burden on farmers. Currently, many farms still rely on tractors, so it is necessary to consider enhancing financial support for the purchase of various agricultural machinery."* This article has been translated by AI. 2026-07-15 16:48:00