South Korea justice minister nominee Kim Seung-won resigns SEOUL, September 19 (AJP) -South Korean Justice Minister nominee Kim Seung-won withdrew Saturday, a day after President Lee Jae Myung said at a news conference that he had not reached a final decision on Kim’s appointment and would take public expectations into account. The move came as Lee’s approval rating fell to 37 percent, its lowest level since he took office. Kim, a second-term lawmaker from the ruling Democratic Party and a former judge, announced his withdrawa September 19, 2026

BOJ rate increase fails to aid FX but sets a common path for BOK SEOUL, Sept. 18 (AJP) — The renewed tightening in Tokyo that places the base rate at its 31-year high came short in weakening the greenback's value against Asian currencies but set a common rate path for the Korean central bank. The Bank of Japan (BOJ) raised its policy rate by 25 basis points to 1.25 percent Friday, its highest in 31 years, in a 7-2 vote. The yen weakened to around 157 per dollar after the widely expected move as investors focused on the two dissenting vo September 18, 2026

South Korea sees growing use of electronic prepaid payments SEOUL, September 18 (AJP) - South Korea's use of prepaid electronic payment services jumped 21.9 percent in the first half of this year, driven by growing use of simple payments and money transfers, according to data by the Bank of Korea (BOK) released on Friday. The daily average value of such services rose to 1.55 trillion won (US$1.12 billion), up from 1.27 trillion won a year earlier, the central bank said. Daily transaction volume also increased 14.5 percent to 39.22 millio September 18, 2026

Korea's Lee rules out Gulf combat role, reelection bid SEOUL, September 18 (AJP) - South Korean President Lee Jae Myung on Friday sought to clear up two sources of uncertainty and debate, articulating a clear “no” to South Korean combat involvement in the Gulf conflict and to any intention of seeking a second presidency. “There will clearly be no troop deployment that involves or intervenes in a war,” Lee told a live press conference at the Cheong Wa Dae. “There is no change in that principle.” L September 18, 2026

Public-sector deficit widens to record 83.1 tln won SEOUL, September 18 (AJP) - South Korea's public-sector revenue rose in 2025, but spending grew even faster, widening the deficit to a record 83.1 trillion won ($60.1 billion), according to data released by the Bank of Korea (BOK) on Friday. The shortfall rose by 14.0 trillion won from a revised 69.1 trillion won in 2024, marking the largest deficit since public sector-related statistics began in 2007. The central bank revised the 2024 deficit from a previously reported 48.9 September 18, 2026

Lee rules out troop deployment involving Korea in war SEOUL, September 18 (AJP) - President Lee Jae Myung on Friday ruled out sending South Korean troops on any mission that would involve the country in a war, amid debate over a possible deployment to the Strait of Hormuz. "There will clearly be no troop deployment that involves or intervenes in a war," Lee said. September 18, 2026

Korea extends fuel tax cuts, lowers Chuseok highway pump prices SEOUL, September 18 (AJP) — South Korea will extend temporary fuel tax cuts through November and lower pump prices at 226 highway gas stations during Chuseok as authorities grapple with a renewed spike in energy costs from the widening Gulf crisis, the government said Friday. The current tax reductions of 15 percent for gasoline and 25 percent each for diesel and liquefied petroleum gas butane will remain in place through Nov. 30, two months beyond their scheduled expiry, ac September 18, 2026

Korea's producer inflation reaccelerates toward 8% annual gain *Updated with additional information and comments SEOUL, September 18 (AJP) -South Korea's producer prices spiked toward an on-year increase of 8 percent on re-accelerating energy costs and unrelenting chip prices, pointing to sticky price pressure and a tightening bias in the latter half, central bank data showed Friday. The producer price index for August added 0.2 percent from July and 7.9 percent from a year earlier, reversing an easing trend in July, when it fell 0.4 per September 18, 2026

Cabinet picks rubber-stamped ahead of Lee press conference SEOUL, September 17 (AJP) -Ruling-dominant National Assembly committees adopted confirmation hearing reports for Justice Minister nominee Kim Seung-won and Defense Minister nominee Kang Shin-chul on Thursday over opposition objections, escalating a personnel dispute on the eve of South Korean President Lee Jae Myung’s press conference. The Legislation and Judiciary Committee adopted Kim’s report two days after his confirmation hearing. Lawmakers from the main oppositi September 17, 2026

Lee discusses ways to tackle energy crisis with IEA chief in Seoul SEOUL, September 17 (AJP) - South Korean President Lee Jae Myung met with International Energy Agency (IEA)'s executive director Fatih Birol at Cheong Wa Dae in Seoul to discuss the global energy crisis and the country's transition toward renewable energy. Lee said the global energy crisis is becoming more serious amid the prolonged conflict in the Middle East, which has also created a major challenge for South Korea's efforts to shift toward renewable energy. He September 17, 2026