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Kim Jae-kyoung

Korea Times Business Planning Reporter

I’m currently managing director of Content and Business Planning at The Korea Times. Before I took the current position in early 2024, I served as managing editor in charge of both paper and online for over three and a half years. In 2015-2018, I worked as Singapore correspondent covering ASEAN nations.

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Opinion

BOK Governor Long on Words, Short on Substance

By Kim Jae-kyoung Staff Reporter Since taking office on April 1, Bank of Korea (BOK) Governor Kim Choong-soo has stressed that he would try his best to reduce the perception gap between him and the market over the economy and financial markets. To that end, the central bank governor said that he would improve communication in the market by sharing as much information as the central bank has in order to help keep market participants on the same page with policymakers. His remarks came as the financial market, particularly the bond market, turned volatile, following his nomination as the BOK governor in March. The nomination strengthened the market belief that the key interest rate will remain on hold for a while as Kim was considered more growth-oriented than his predecessor. Against this backdrop, his first press conference attracted a lot of media spotlight and market attention. He received a flood of questions on his analysis of the economy and monetary policy. He tried his best to give a full explanation about every single issue based on his extended knowledge of t

Apr 19, 2010By Kim Jae-kyoung
Companies

Won Hits Strongest Level in 19 Months

By Kim Jae-kyoung Staff Reporter The local currency continued its winning streak Monday, reaching its strongest level in 19 months due to the dollar weakening caused by rising expectation of the Chinese yuan revaluation. The Korean won closed at 1,114.1 won Monday, up 4.1 won from the previous close. The best since it finished at 1,116 won on Sept. 17 in 2008. Market analysts explained that the won gained more ground against the U.S. dollar as the greenback weakened on hopes for the yuan revaluation and as a result of the European countries' accord to provide financial aid to Greece. What is of concern is that the exchange rate is likely to go in the same direction for the time being. "We think the won-dollar rate will head toward 1,100 in the short term on hopes of the yuan revaluation forthcoming and positive sentiment toward the euro, which rallied last Friday on news that the EU and the IMF had agreed on the interest rate that the IMF would charge for emergency loans to Greece," ING Group senior economist Tim Condon said in a research note. " We now forecast th

Apr 12, 2010By Kim Jae-kyoung
Companies

FSC to Tighten Rules on Savings Banks

By Kim Jae-kyoung Staff Reporter The nation's financial regulator said Friday that it has decided to raise the capital adequacy ratio requirement for savings banks to 7 percent from the current 5 percent on a gradual basis in a bid to curb their risky lending and improve their financial soundness. The measure came as part of the Financial Services Commission (FSC)'s measures to tighten regulations on local savings banks and mutual financial services companies. Under the measures, the regulator will also push down the amount banks can lend in risky project financing (PF) while reducing their loans to property and construction sectors, it said. It will also call for the small-scale lenders to lower the ratio of project financing to their total loans to 25 percent by 2011 and 20 percent by 2013 down from the current 30 percent. ``Concerns have grown over savings banks' financial soundness amid their expansion of project financing and the increasing neglect of lending to low-income people,'' FSC Vice Chairman Kwon Hyouk-se told reporters. The restrictions will initial

Apr 9, 2010By Kim Jae-kyoung
Companies

Dovish Governor Debuts With No Rate Hike Signal

Rate Increase Not Likely to Come Until 3rd Quarter By Kim Jae-kyoung, Lee Hyo-sik Staff Reporters The nation's top central banker made his debut Friday on the financial market by maintaining the long-held decision not to alter monetary policy, sending no signals that it will shift course in the near future. Bank of Korea (BOK) Governor Kim Choong-soo decided to keep the key interest rate untouched at the record low level of 2 percent for the 14th consecutive month. The rate has been frozen since March of last year, putting the brakes on a monetary easing cycle that trimmed it by 3.25 percentage points since October 2008 in the aftermath of the global financial crisis. After presiding over the central bank's monetary policy committee meeting for the first time, Kim, who took the helm from his outgoing predecessor Lee Seong-tae on April 1, said that the private sector's self-sustaining recovery is vital for a rate hike. ``The self-sustaining rebound of the private sector should come first before the rate is raised. We will make decisions on how to help the economy gr

Apr 9, 2010By Kim Jae-kyoung
Companies

Won on Course Toward Yearly High

Government May Step In to Slow Rise By Kim Jae-kyoung Staff Reporter The Korean won has emerged as the biggest winner against the U.S. dollar among major currencies, with the local currency gaining the most value against the greenback since the beginning of this year. The local currency closed at 1,123.20 won Tuesday, up nearly 3.69 percent from the end of last year, approaching the yearly low of 1,119.8 won on January 11. The exchange rate remained intact after a 'smoothing operation' by financial authorities. The won's performance is standing out as many other currencies have strengthened at a much slower pace against the dollar. Some currencies, such as the euro and Japanese yen, have even lost some ground over the same period. The euro was down 5.89 percent against the dollar, while the British pound and Japanese yen have also lost 5.41 percent and 2.24 percent, respectively. The strong won is a double-edged sword for the economy. It will be a plus because it will reduce import prices, thereby curbing inflation. But if it continues to gain ground, it can chip a

Apr 6, 2010By Kim Jae-kyoung
Companies

Market Anxious to Hear 1st Words of New BOK Chief

By Kim Jae-kyoung Staff Reporter The new chief of the nation's central bank is facing a crucial market test of the art of his rhetoric at the upcoming monetary policy committee meeting slated for Thursday, which many believe will set the tone for the new governor's credibility. Although Bank of Korea (BOK) Governor Kim Choong-soo officially took the helm of the central bank from the outgoing Lee Seong-tae on April 1, his official debut on the financial market will be at the press conference following the April 8 meeting. This will be a critical test for Kim as market participants will be paying close attention to every word he speaks. Since chances are that the central bank will keep the key rate frozen at the record low of 2 percent, attention is now being paid to Kim's rhetoric, not to the course of monetary policy. No matter what stance, dovish or hawkish, he shows at his first conference, his most important job is to set his image as an independent governor, distancing himself from Cheong Wa Dae to gain credibility with the market. Kim should send two clear but co

Apr 5, 2010By Kim Jae-kyoung
Companies

Is Economy in Liquidity Trap?

Lee Seong-tae Bank of Korea GovernorBy Kim Jae-kyoung Staff Reporter The Bank of Korea (BOK) is facing a dilemma in determining the course of its monetary policy at an interest rate meeting Thursday as risk of a liquidity trap is looming larger amid the deepening economic downturn. While further rate cuts seem inevitable as the economy is contracting at an unexpectedly fast pace, aggressive credit easing could drive Asia's fourth largest economy into a liquidity trap that Japan experienced a decade ago. A liquidity trap is a situation in which the nominal interest rate has been lowered to nearly zero to avoid a recession, but the liquidity created by lower rates does not stimulate the economy. In these situations, consumers and firms start to hoard money rather than spend it, making a recession even more severe. Despite a combined 2.75 percentage point rate cut since last October, the economy has shown no signs of bottoming out. Gross domestic product shrank 5.6 percent quarter-on-quarter in the fourth quarter of last year, the worst performance in 11 years due to slumping domest

Feb 10, 2009By Kim Jae-kyoung
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