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Lee Hyo-jin

Korea Times Finance Reporter

Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.

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Foreign Affairs

Yoon should not leave out historical issues in summit with Kishida: experts

President Yoon Suk Yeol shakes hands with Japanese Prime Minister Fumio Kishida during the ASEAN-East Asia Summit in Phnom Penh, Cambodia in this Nov. 13, 2022 photo. AP-YonhapNo joint statement to be issued after summitBy Lee Hyo-jinWith a breakthrough summit between President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida slated for Thursday, diplomatic observers advised that Yoon should not put aside historical issues in his push for a future-oriented partnership with the neighboring country. They also stressed that Kishida should show sincere, visible efforts on the forced labor issue during the summit to renew bilateral ties that have become strained over the past decade.During a two-day trip to Tokyo from Thursday, Yoon will meet with Kishida in the afternoon which will be followed by a joint press conference by the two leaders. Also, they will reportedly have two meals together. But there will be no joint statement between the two leaders, according to Korea's presidential office, Wednesday.It is the first time in 12 years for a Korean president to visit Japan for a s

Mar 15, 2023By Lee Hyo-jin
Yoon should not leave out historical issues in summit with Kishida: experts
  • Yoon leaves for Japan for summit with Kishida
  • Yoon arrives in Japan for summit with Kishida
  • Korea withdraws WTO complaint about Japan's export curb
  • Korea, Japan to set up 'future partnership funds' to restore ties
North Korea

Tensions rise on Korean Peninsula during largest Korea-US drill in years

A TV screen shows a file image of North Korean leader Kim Jong-un during a news program at the Seoul Railway Station, Tuesday. Earlier in the day, Pyongyang test-fired two short-range ballistic missiles (SRBM) toward its eastern waters as Seoul and Washington entered the second day of their Freedom Shield joint exercise. AP-YonhapAdditional provocations expected ahead of S. Korea-Japan summitBy Lee Hyo-jinNorth Korea fired two ballistic missiles toward the East Sea, Tuesday, ratcheting up tensions on the Korean Peninsula as South Korea and the United States entered the second day of their biggest combined military exercise in years.Pyongyang's latest show of force ― which came just two days after it tested submarine-launched cruise missiles ― is an apparent protest against the 11-day Freedom Shield exercise which it views as a “rehearsal for invasion.”South Korea's Joint Chief of Staff (JCS) said it detected two short-range ballistic missiles (SRBM) launched toward the eastern waters between 7:41 a.m. to 7:51 a.m. from Jangyon county, South Hwanghae Province. The area is

Mar 14, 2023By Lee Hyo-jin
Tensions rise on Korean Peninsula during largest Korea-US drill in years
  • N. Korean provocation cannot stop US-S. Korea joint military drills: NSC coordinator
Society

Retired USFK sergeant hit by stray bullet from Korean police demands justice

Arnold Samberg, 66, a retired USFK Air Force Tech Sergeant, sobs during an interview with The Korea Times in Pyeongtaek, Gyeonggi Province, March 3, recalling the day he was shot by a stray bullet fired by a Korean police officer who was attempting to shoot a fierce dog. Korea Times photo by Choi Won-sukAccidental shooting case remains unresolved for 3 years, leaving victim traumatizedBy Lee Hyo-jin March 26, 2020, started out as just another ordinary day for Arnold Samberg, a retired U.S. Air Force tech sergeant living in Pyeongtaek, Gyeonggi Province. On his way home from the dentist in the morning, he wanted to drop by a convenience store.But after seeing a line of police officers, firefighters and paramedics near the store, he changed his mind and headed straight home. He had no clue what they were up to and did not want to get involved. At that moment, Samberg heard the thunderclap of a gunshot ― a split-second before he felt a sharp pain in his jaw as if a hammer was smashing it. Next thing he knew, he was on the ground bleeding out. “This is it. I'm going to die,”

Mar 14, 2023By Lee Hyo-jin
Retired USFK sergeant hit by stray bullet from Korean police demands justice
Foreign Affairs

Xi's iron grip on power clouds Korea-China relations

President Yoon Suk Yeol shakes hands with Chinese President Xi Jinping during a summit held in Bali, Indonesia in this Nov. 15, 2022 file photo. YonhapBy Lee Hyo-jin Strained relations between Korea and China could continue and possibly worsen under Chinese President Xi Jinping, whose iron grip on power was solidified in a parliamentary vote, according to diplomatic observers, as Beijing becomes increasingly wary of Seoul's tilt toward Washington.Following the unanimous vote passed at the National People's Congress on Friday, Xi secured a historic third term as president until 2028. He first took power in 2013.Diplomatic experts think that the tricky relations between Korea and China are unlikely to be resolved under Xi's third term. “In fact, external factors, such as the intensifying U.S-China rivalry and China's push toward unification with Taiwan, could rise as a source of conflict and worsen relations between Korea and China,” said Lee Dong-gyu, a research fellow at the Asan Institute for Policy Studies.Unlike his predecessor Moon Jae-in, who pursued a policy of stra

Mar 12, 2023By Lee Hyo-jin
Xi's iron grip on power clouds Korea-China relations
Society

200 dogs rescued from slaughter in win-win program with farm owners

Activists from Humane Society International (HSI), an international animal advocacy group, rescue dogs from a dog meat farm in Asan, South Chungcheong Province, Tuesday. The farm was the 18th dog meat farm to be closed down through the Models for Change program, which offers financial support to proprietors in return for closing down the facilities and giving up the dogs for adoption. Korea Times photo by Kim Kang-minBy Lee Hyo-jin ASAN, South Chungcheong Province ― Just after the break of dawn on Tuesday, three vans drove down a narrow gravel road leading to a dog farm in Asan, South Chungcheong Province, some 100 kilometers from Seoul. The dogs began barking as more than a dozen activists from Humane Society International (HSI) got out from the vehicles and approached the farm.The maze-like compound was home to nearly 200 dogs that were locked up in filthy barren cages. Many of the canines barked and wagged their tails at the visitors, while others cowered with their ears flattened and tails tucked between their hind legs. Rusted farm equipment and food waste were found everywhere

Mar 11, 2023By Lee Hyo-jin
200 dogs rescued from slaughter in win-win program with farm owners
Politics

Yoon to hold summit with Kishida in Japan next week

President Yoon Suk Yeol shakes hands with Japanese Prime Minister Fumio Kishida ahead of their summit in Phonm Penh, Cambodia in November 2022. NewsisBy Lee Hyo-jinPresident Yoon Suk Yeol will visit Japan next week for a summit with Prime Minister Fumio Kishida, the Korean presidential office said Thursday. It will be the first visit to Tokyo for a summit by a Korean leader in 12 years.The presidential office announced that Yoon and first lady Kim Keon Hee will embark on a two-day trip to Tokyo on March 16 at the invitation of the Japanese government. But the exact date of the summit has yet to be fixed, according to the presidential office.The scheduled meeting is expected to bring about the restoration of shuttle diplomacy, referring to meetings held by the leaders of the neighboring countries once a year.Shuttle diplomacy came to an abrupt halt in 2011 as bilateral relations became strained due to renewed disputes over history and territory dating back to Imperial Japan's 1910-45 occupation of Korea.In a written statement, the presidential office expressed hopes that the summit wi

Mar 9, 2023By Lee Hyo-jin
Yoon to hold summit with Kishida in Japan next week
  • Seoul to announce normalization of GSOMIA: Japanese media
Foreign Affairs

Fukushima water, Sado mines next hurdles for Yoon to restore Korea-Japan ties

President Yoon Suk Yeol shakes hands with Japanese Prime Minister Fumio Kishida during their summit in New York, Sept. 21, 2022. Courtesy of presidential officeBy Lee Hyo-jin Following Korea's recent decision to compensate South Korean victims of Japan's wartime forced labor with its own money, Tokyo may be expecting Seoul to make more concessions in resolving other pending issues that are clouding bilateral relations, according to diplomatic observers, Wednesday.Earlier this week, the Korean government announced a plan to compensate victims of wartime forced labor by Japanese firms by using a public foundation funded by Korean companies, without direct payment from Japan.The government said the arrangement is aimed at strengthening future-oriented partnerships, but some experts see it as setting a “worrisome precedent” in Korea's future diplomacy with Japan.“Japan has done virtually nothing to settle the dispute, while a large concession came from Korea's side, despite backlash from its public. And by doing so, the government has set a worrisome precedent that simi

Mar 8, 2023By Lee Hyo-jin
Fukushima water, Sado mines next hurdles for Yoon to restore Korea-Japan ties
Politics

Forced labor victims reject gov't's compensation plan

Yang Geum-deok, 94, left, and Kim Sung-joo, 93, surviving victims of Japan's forced labor during World War II, attend a press conference denouncing the government's proposal to settle the compensation issue, at the National Assembly, Tuesday. YonhapBy Lee Hyo-jin Surviving victims of wartime forced labor by Japanese firms strongly condemned on Tuesday the Korean government's proposal to settle the compensation issue without the direct involvement of the Japanese companies.Yang Geum-deok, 94, one of the victims, said she will not accept the money if it is not coming directly from the responsible firm, even if she “starves to death.”On the previous day, the Ministry of Foreign Affairs disclosed a plan to compensate the victims through a public foundation that will be funded primarily by Korean companies that benefited from reparations Japan provided under a 1965 treaty, instead of the responsible Japanese firms. The arrangement, which aims to resolve a years-long diplomatic tussle between Seoul and Tokyo, immediately drew criticisms from victims and liberal lawmakers for co

Mar 7, 2023By Lee Hyo-jin
Forced labor victims reject gov't's compensation plan
  • Ruling party proposes discussion on special bill to compensate forced labor victims
Politics

Korea's solution to forced labor issue draws backlash from victims

Foreign Minister Park Jin speaks during a briefing on an agreement with Japan over compensating forced labor victims at the ministry building in Seoul, Monday. Korea Times photo by Shim Hyun-chulTokyo says settlement will help 'restore healthy ties' with SeoulBy Lee Hyo-jinThe government on Monday announced an agreement with Japan to compensate victims of forced labor during World War II through a fund created by Korean companies, without the direct involvement of responsible Japanese firms.But the resolution immediately provoked a fierce backlash from wartime victims and their families, who described the proposal as Seoul's “total defeat” to Tokyo following a diplomatic fracas between the two sides that dragged on for nearly five years. The Japanese government, on the other hand, welcomed the announcement, hoping that the deal will help restore healthy bilateral relations.During a briefing, Foreign Minister Park Jin unveiled the resolution on compensating 15 Korean victims of forced labor who won three separate lawsuits against two Japanese firms ― Mitsubishi Heavy Indus

Mar 6, 2023By Lee Hyo-jin
Korea's solution to forced labor issue draws backlash from victims
  • Korean companies cautious about compensating victims of Japan's forced labor
  • Korea seeks truce in trade war with Japan by halting WTO dispute process
  • Yoon's visit to Japan this month under strong consideration
Politics

ANALYSIS Yoon's pro-Japan speech likely to expedite settlement of forced labor issue

President Yoon Suk Yeol delivers a speech during a ceremony to mark the 104th anniversary of March 1 Independence Movement Day at Yu Gwan-sun Memorial Hall in Seoul, Wednesday. YonhapBall is now in Tokyo's court, diplomatic experts sayBy Lee Hyo-jin President Yoon Suk Yeol's speech addressing Japan as a “partner” is likely to expedite talks with Tokyo to reach a settlement on forced labor issues, according to diplomatic observers, Thursday. But the experts were cautious about giving a timeline on when the two countries will reach an agreement, stressing that the ball is now in Japan's court.During his March 1 Independence Movement Day speech, Wednesday, Yoon addressed Japan as “a partner that shares universal values,” in the latest of his government's gestures to improve relations with the neighboring country that have slumped to their worst level in recent years.Yoon's call for a future-oriented partnership with Japan was unprecedented for a Korean president in a speech commemorating the 1919 uprising against Japan's 1910-45 colonial rule. Such rhetoric signa

Mar 2, 2023By Lee Hyo-jin
[ANALYSIS] Yoon's pro-Japan speech likely to expedite settlement of forced labor issue
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