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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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Economy

Lee attributes weakening won to foreign investors' portfolio rebalancing

President Lee Jae Myung on Monday attributed the won's recent weakness against the dollar to foreign investors rebalancing their portfolios after a sharp rally in local stocks, describing the Korean currency's decline as temporary. "It is true that the exchange rate is high, but I see it as temporary," Lee said during a televised press conference marking his first year in office. "Stock prices have risen so much that they are having an unusual impact on the foreign exchange market. The stock rally has become a factor pushing the exchange rate higher." Lee said foreign investors appeared to be selling off Korean stocks to rebalance their portfolios after the benchmark KOSPI's sharp rally. "Korean stocks have risen too much in a short period of time. From the perspective of foreign investment funds, the share of Korean assets in their portfolios has become too large," he said. "In the short term, this is the biggest factor. But it is unlikely to continue indefinitely. Eventually, the Korean stock market will find its balance." Lee's remarks came as the won-dollar exchange rate hovered arou

Jun 8, 2026By Lee Hyo-jin
Lee attributes weakening won to foreign investors' portfolio rebalancing
Economy

Koreans feel pinch from rising egg prices

Park, a woman in her 50s living in Seoul's Yangcheon District, said she recently scaled back her egg purchases as prices continue to climb. "When I went grocery shopping at Costco last weekend, customers were limited to two cartons per person, and there were barely any left on the shelves," she said. "I originally planned to buy two cartons for my family of five, but the prices had risen so much that I ended up buying just one." Consumers across Korea are increasingly feeling the impact of soaring egg prices and tightening supplies. Posts on online communities point to empty egg shelves at major discount stores and shortages at online grocery platforms such as Coupang and Kurly. According to data from the Korea Agro-Fisheries & Food Trade Corp., the average retail price of a 30-egg carton of large eggs stood at 7,413 won as of Saturday, up 8.6 percent from March. By region, Gyeonggi Province recorded the highest average price at 7,957 won per carton, nearing the 8,000 won ($5) mark. The sharp rise in prices has largely been attributed to outbreaks of highly pathogenic avian influenza last

Jun 8, 2026By Lee Hyo-jin
Koreans feel pinch from rising egg prices
Cryptocurrency

Bithumb's bitcoin payout blunder results in $1.6 mil. compensation

Korea's major cryptocurrency exchanges have paid out billions of won in compensation for hacking incidents and system failures in recent years, data showed Sunday, with Bithumb reimbursing users about 2.5 billion won ($1.6 million) following the erroneous distribution of 620,000 bitcoins earlier this year. According to data submitted by the Financial Supervisory Service and major cryptocurrency exchanges to Rep. Lee Hun-seung of the main opposition People Power Party, one of the costliest incidents involved Bithumb, following an accidental bitcoin crediting incident in February. An employee mistakenly entered bitcoin instead of Korean won when processing rewards for a promotional event, resulting in the erroneous distribution of about 620,000 bitcoins to 249 users. The error triggered sharp price distortions, prompting Bithumb to compensate affected users. In a separate case, Upbit paid about 790 million won in compensation following a security breach in November 2025. Upbit said Solana-based assets worth about 44.5 billion won were transferred to unauthorized external wallets within 54

Jun 7, 2026By Lee Hyo-jin
Bithumb's bitcoin payout blunder results in $1.6 mil. compensation
Economy

Expected BOK rate hike prompts concern over rising interest burdens on households, firms

Expectations of imminent interest rate hikes by the Bank of Korea (BOK) are adding to pressure on households and businesses already struggling with rising borrowing costs, analysts said Sunday. Lending rates at major banks have continued to climb as BOK Gov. Shin Hyun-song struck a hawkish tone following a Monetary Policy Board meeting on May 28, reinforcing market expectations that the central bank could begin raising rates as early as July. According to banking industry data, fixed-rate mortgage loans offered by the country's five major lenders — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — carried interest rates ranging from 4.39 percent to 7.33 percent as of Friday. The upper end of the range was up 0.33 percentage point from a month earlier, when rates stood between 4.4 percent and 7 percent. It marked the first time since October 2022 that the highest fixed mortgage rate among the five major lenders exceeded 7.3 percent. Personal credit loan rates have also moved higher. As of Friday, interest rates on personal credit loans for top-tier borrowers with one-year maturities ra

Jun 7, 2026By Lee Hyo-jin
Expected BOK rate hike prompts concern over rising interest burdens on households, firms
Cryptocurrency

Banks, fintech firms forge alliances for won-based stablecoins

Major financial institutions and fintech firms are exploring partnerships to gain an early foothold in the emerging stablecoin market ahead of the possible introduction of won-pegged stablecoins, according to industry officials Thursday. Earlier this week, officials from KB Financial Group, Shinhan Financial Group, BNK Financial Group, Industrial Bank of Korea, Toss and iM Bank held a closed-door meeting Monday to discuss developments in digital asset regulations and strategies for responding to the emerging stablecoin market. During the meeting, participants exchanged views on regulatory changes, the potential introduction of won-backed stablecoins and possible areas of cooperation. KB Financial is said to be considering entering the won-backed stablecoin market in partnership with fintech platform Toss. Under the arrangement being discussed, KB Kookmin Bank would issue the stablecoin while Toss would oversee distribution. Cryptocurrency exchange Bithumb, which currently maintains a bank account partnership with KB Kookmin Bank, is also viewed as a potential partner. In May, Hana Financi

Jun 5, 2026By Lee Hyo-jin
Banks, fintech firms forge alliances for won-based stablecoins
Politics

Ex-Minister Cho Kuk resigns as party leader after failed parliamentary comeback

Cho Kuk, leader of the minor liberal Rebuilding Korea Party (RKP), failed in his bid to return to the National Assembly in a by-election held alongside Wednesday's local elections, dealing a heavy blow to his political career. According to the National Election Commission Thursday, main opposition People Power Party (PPP) candidate Yoo Ui-dong won the by-election for the Pyeongtaek-B constituency in Gyeonggi Province with 34.83 percent of the vote. Ruling Democratic Party of Korea (DPK) candidate Kim Yong-nam came in second with 28.77 percent, while Cho came third with 27.24 percent. Cho conceded defeat at his campaign office around 3 a.m. after Yoo's victory became certain. "The top priority of this election was to realize a 'zero PPP' outcome. While meaningful progress was made nationwide, we failed to fulfill that mandate in Pyeongtaek. The responsibility lies entirely with me," Cho told reporters. Later that day, he announced his resignation as party leader, saying he would take responsibility for the election defeat. "I may be stepping aside, but I hope our party members will continue

Jun 4, 2026By Lee Hyo-jin
Ex-Minister Cho Kuk resigns as party leader after failed parliamentary comeback
Economy

Will Korea finally win MSCI developed market status?

Korea's chances of joining Morgan Stanley Capital International's (MSCI) Developed Markets Index are back in focus as the benchmark KOSPI rallies toward the 9,000-point milestone, analysts said Wednesday. MSCI is scheduled to release the results of its 2026 Global Market Accessibility Review on June 18, followed by the results of its Annual Market Classification Review on June 23. Korea is seeking placement on MSCI's watch list in this year's classification review, a prerequisite for eventual reclassification as a developed market. Under MSCI's framework, markets typically remain on the watch list for at least one year before becoming eligible for an upgrade. Government officials hope a watch list designation this year will pave the way for Korea's reclassification as a developed market in 2027. The upcoming review is drawing particular attention as the Korean government has stepped up efforts to address long-standing issues that have repeatedly kept the country from being reclassified as a developed market. In its 2025 review, MSCI retained Korea in its "emerging market" category, citing

Jun 4, 2026By Lee Hyo-jin
Will Korea finally win MSCI developed market status?
Economy

KOSPI rally, chip bonuses fuel luxury spending

Park, an office worker in his 50s living in Seoul's Dongjak District, purchased a Tiffany bracelet worth more than 9 million won ($5,900) for his wife at a department store in May after cashing in gains from stock investments. "I sold part of my holdings in exchange-traded funds tracking the KOSPI and also took profits from Samsung Electronics shares," he said. "My wife was always concerned about me investing in stocks. But with the market performing well these days, she has become more supportive." Park is among a growing number of consumers capitalizing on the KOSPI rally, helping drive strong sales at department stores. According to industry data, Wednesday, the country's three major department store operators posted record first-quarter earnings this year. Lotte Department Store reported an operating profit of 191.2 billion won in the January-March period, up 47.1 percent from a year earlier. Shinsegae Department Store posted an operating profit of 141 billion won, a 30.7 percent increase on-year. Hyundai Department Store's operating profit rose 39.7 percent to 135.8 billion won. Luxu

Jun 3, 2026By Lee Hyo-jin
KOSPI rally, chip bonuses fuel luxury spending
Economy

KOSPI ends higher after recovering from sharp intraday losses

Korea's benchmark KOSPI recovered from steep intraday losses Tuesday as retail and institutional investors stepped in to offset heavy foreign selling following the market's recent rally. The benchmark index closed at 8,801.49, up 0.15 percent from the previous session, extending its streak of record-high closes to a third consecutive trading day. After rising as high as 8,933.62 shortly after the opening bell, just 66 points shy of the unprecedented 9,000 mark, KOSPI tumbled to the 8,500 level during intraday trading before rebounding late in the session. The volatile session came a day after the benchmark index closed at a record high of 8,788.38. Analysts attributed the sharp intraday swing to profit-taking by foreign investors following recent gains in semiconductor and other artificial intelligence (AI)-related shares. Retail and institutional investors, however, helped cushion the decline by scooping up stocks. According to the Korea Exchange, foreign investors sold a net 6.59 trillion won ($4.34 billion) worth of stocks, weighing on the index. Retail and institutional investors were

Jun 2, 2026By Lee Hyo-jin
KOSPI ends higher after recovering from sharp intraday losses
Economy

Consumer prices hit 26-month high, fueling rate hike expectations

Korea's consumer inflation accelerated to a 26-month high in May, driven by soaring oil prices amid the ongoing conflict in the Middle East, reinforcing market expectations that the Bank of Korea (BOK) could raise the base rate in July, market watchers said Tuesday. Consumer prices, a key gauge of inflation, rose 3.1 percent last month from a year earlier, marking the fastest pace of growth since March 2024, according to data released by the Ministry of Data and Statistics. The increase was largely driven by higher energy costs. Prices of industrial goods rose 4.2 percent from a year earlier, while petroleum product prices jumped 24.2 percent, contributing 0.92 percentage points to overall inflation. This marked the steepest increase since a 35.2 percent surge recorded in 2022, following Russia's invasion of Ukraine. The statistics ministry attributed the rise in consumer prices to a rebound in agricultural, livestock and fisheries product prices, as well as soaring oil costs linked to the conflict in the Middle East. On the same day, central bank officials held a meeting to review inflat

Jun 2, 2026By Lee Hyo-jin
Consumer prices hit 26-month high, fueling rate hike expectations
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