my timesThe Korea Times
lhj

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.

Go to Email

Read more

Economy

KOSPI retreats from near 8,000-mark on foreign sell-off

Korea's benchmark KOSPI pulled back from the nearly 8,000-point milestone Tuesday as foreign investors turned heavy sellers to lock in profits following the market's recent rally, triggering a sharp reversal. After rising as high as 7,999.67 shortly after the opening bell, the benchmark index closed at 7,643.15, down 2.29 percent from the previous trading session. The index briefly plunged to the 7,400 level during intraday trading before paring some of its losses in the afternoon. The decline, which came after the benchmark index surged to an all-time high of 7,822.24 in the previous trading session, came as foreign investors turned heavy sellers following the recent steep rally in semiconductor stocks. According to the Korea Exchange, foreign investors and institutions offloaded 5.43 trillion won ($3.65 billion) and 798.9 billion won worth of shares, respectively, while retail investors bought 6.09 trillion won, though their buying failed to cushion the market decline. Leading chip shares also retreated. Samsung Electronics closed at 279,000 won, down 2.28 percent from the previous tra

May 12, 2026By Lee Hyo-jin
KOSPI retreats from near 8,000-mark on foreign sell-off
Banking & Finance

IBK head vows broader SME support to boost Kosdaq

Industrial Bank of Korea (IBK) CEO Chang Min-young pledged broader support for small and venture firms, Tuesday, as part of the bank's efforts to revitalize the secondary bourse Kosdaq market. "IBK will faithfully serve as a bridge so that companies with strong capabilities and growth potential can receive proper market valuations," Chang said during a press conference in Seoul marking his first 100 days in office. "As the government moves to introduce measures such as a two-tier segment system in October to revitalize the Kosdaq market, IBK will also align with that policy direction by expanding support for small and medium-sized enterprises (SMEs) and productive financing,” he added. IBK, a state-run lender focused on SMEs, plays a key role in implementing government-backed financing programs. The press conference was held on the sidelines of the "IBK Kosdaq Boom-Up Day" event, aimed at connecting Kosdaq-listed companies with investors and raising market interest. "Kosdaq is a key market for supporting the growth of small and venture firms and channeling funds to innovative companies,

May 12, 2026By Lee Hyo-jin
IBK head vows broader SME support to boost Kosdaq
Banking & Finance

Why Korea's state-run banks are no longer seen as dream jobs

Korea's state-run banks are seeing more employees leave as weakening wage competitiveness and relocation concerns weaken their appeal among young professionals, industry officials said Monday. According to data from ALIO, the public disclosure system for state-run institutions, the turnover rate among male employees at Korea Development Bank (KDB) rose to 9 percent last year from 3 percent in 2021. The rate for female employees edged up to 1.6 percent from 1.5 percent. Over the same period, male turnover at the Industrial Bank of Korea (IBK) climbed to 6.2 percent from 1.7 percent. At the Export-Import Bank of Korea (Korea Eximbank), the rate for men rose to 4.1 percent from 3.2 percent, while turnover among women jumped to 2.6 percent from 0.7 percent. Average years of service have also declined across these lenders. KDB employees stayed an average of 185 months last year, down from 199 months in 2021. Similar declines were seen at Eximbank and IBK. Industry officials said state-run banks no longer offer the same advantages they once held over commercial lenders, particularly in terms o

May 12, 2026By Lee Hyo-jin
Why Korea's state-run banks are no longer seen as dream jobs
Economy

KOSPI races toward 8,000 as chip gains outweigh Iran fears

Korea's benchmark KOSPI extended its record-breaking rally, Monday, moving closer to the 8,000-point milestone as gains in heavyweight semiconductor shares outweighed lingering concerns over Middle East tensions. The KOSPI opened at 7,775.31, up 3.7 percent from the previous session, and quickly breached the 7,800 level after the opening bell. It maintained its upward momentum throughout the session and closed at 7,822.24, up 324.24 points, or 4.32 percent, marking a fresh record-high closing figure. The benchmark index has posted gains for five straight trading sessions, bringing the 8,000-point threshold increasingly into view. Market heavyweights led the rally. Chip giants SK hynix and Samsung Electronics closed at 1.88 million won ($1,278) and 285,500 won, respectively, both hitting fresh highs. Amid the sharp rally, a sidecar was triggered at 9:30 a.m., according to the Korea Exchange. The measure is activated when KOSPI 200 futures rise 5 percent or more from the reference price and remain at that level for at least one minute, suspending program buy orders for five minutes. The com

May 11, 2026By Lee Hyo-jin
KOSPI races toward 8,000 as chip gains outweigh Iran fears
Economy

Korea faces dilemma over prolonged fuel price cap

The Korean government is facing a dilemma over its oil price cap system, as extending the measure raises concerns about market distortions and mounting fiscal burdens, while removing it too abruptly could fuel inflation. The Ministry of Trade, Industry and Energy on Thursday froze fuel price ceilings for a fourth consecutive round to curb a surge in domestic fuel prices triggered by the conflict in the Middle East. Under the system introduced in March, the government adjusts maximum wholesale prices supplied by refiners to gas stations and distributors every two weeks in line with global oil price movements, in an effort to ease the financial burden on drivers and industries. Following the latest decision, wholesale prices will remain capped at 1,934 won ($1.30) per liter for gasoline, 1,923 won for diesel and 1,530 won for kerosene for the next two weeks. Yet the prolonged price controls are becoming an increasing fiscal burden, as the government said it would compensate refiners for the loss caused by the gap between international crude prices and regulated domestic wholesale prices. Th

May 8, 2026By Lee Hyo-jin
Korea faces dilemma over prolonged fuel price cap
Economy

Chip boom drives Korea to largest-ever current account surplus in March

Korea posted its largest-ever monthly current account surplus in March, driven by a sharp rise in semiconductor exports amid strong global demand for artificial intelligence (AI)-related chips, central bank data showed Friday. According to preliminary data from the Bank of Korea (BOK), the country's current account surplus reached $37.33 billion in March. That figure surpassed the previous monthly record of $23.19 billion posted in February and marked Korea's 35th consecutive month of current account surplus, the second-longest streak since the 2000s. The goods account surplus hit a record $35.07 billion, more than tripling from $9.69 billion a year earlier, as exports surged 56.9 percent from a year earlier to a record $94.32 billion. Imports rose 17.4 percent to $59.24 billion. Strong growth in semiconductors and information technology products continued, while exports of petroleum products, chemical goods and automobiles also returned to growth. By product, exports of computer peripherals soared 167.5 percent, while semiconductors jumped 149.8 percent. Exports of wireless communication

May 8, 2026By Lee Hyo-jin
Chip boom drives Korea to largest-ever current account surplus in March
Banking & Finance

Gov't reviews credit scoring system to widen access for low-credit borrowers

The government is reviewing possible changes to the credit scoring system aimed at expanding access to financing for low- and middle-credit borrowers, according to the Financial Services Commission (FSC) on Thursday. The financial regulator said discussions are underway as part of broader efforts to strengthen the Lee Jae Myung administration's inclusive finance agenda. "We are discussing various measures to promote inclusive finance in a broader sense. The focus is on improving long-standing practices in the lending market toward a more inclusive direction," an FSC official said, noting that no concrete measures have been decided yet. The review comes a day after the president questioned whether regulators were relying too heavily on the voluntary efforts of financial institutions to support lower-credit borrowers. "Is there no way to evaluate how much inclusive financing lenders have provided to middle- and low-credit borrowers and impose disadvantages if they fall short of expectations?” Lee asked FSC Chairman Lee Eog-weon during a Cabinet meeting. Saying the current system relies to

May 7, 2026By Lee Hyo-jin
Gov't reviews credit scoring system to widen access for low-credit borrowers
Economy

Why stock wealth effect on consumption is weaker in Korea than in US, Europe

Stock market gains in Korea lead to less consumer spending than in the United States and Europe, largely because local households tend to use investment returns to purchase homes rather than spend on goods and services, a central bank report showed Thursday. According to a Bank of Korea (BOK) report on the wealth effect of stock market gains, only about 1.3 percent of capital gains from rising stock prices are spent on consumption in Korea, far below the 3 to 4 percent wealth effect typically seen in advanced Western economies. Based on household panel data covering 2012 to 2024, the BOK estimated that a 10,000 won ($7) increase in stock value leads to just 130 won in additional household spending. One reason for the weaker wealth effect is the relatively small role those equities play in household wealth compared with Western economies. Stock assets amounted to 77 percent of disposable income in Korea last year, sharply lower than 256 percent in the U.S. and 184 percent in major European countries, the report said. Another factor is retail investors' tendency to reinvest stock gains into

May 7, 2026By Lee Hyo-jin
Why stock wealth effect on consumption is weaker in Korea than in US, Europe
Economy

What's next for Korea's housing market after tax break for multi-home owners ends?

With a temporary tax break for multi-home owners set to expire, attention is now turning to whether the Lee Jae Myung administration's real estate policies will be able to stabilize Korea's overheated housing market going forward, according to market analysts Wednesday. The issue sits at the heart of the Lee administration's push to rein in soaring home prices as part of what it calls the "normalization" of the housing market. One of the key measures will take effect starting Saturday, when a temporary tax benefit expires, restoring steep capital gains taxes on owners of multiple properties. The move could impose an effective tax rate of up to 82.5 percent on home sales, depending on the number of properties owned — a sharp increase from the current 6 to 45 percent range. In principle, sellers must complete contracts and payments ahead of the Saturday deadline to avoid the tax hike, though the government has introduced limited grace periods for transactions already in process. While government officials insist that ending the capital gains tax exemption would encourage multi-home owner

May 7, 2026By Lee Hyo-jin
What's next for Korea's housing market after tax break for multi-home owners ends?
Economy

President criticizes banks' 'profit-first' mindset, calls for stronger public role

President Lee Jae Myung criticized financial institutions for prioritizing profits over their public responsibility, Wednesday, in the latest sign that the government may seek a bigger role in reshaping the country's financial system. "Financial institutions are also part of the state order necessary to maintain the financial system," Lee said during a Cabinet meeting. "They differ from other private companies because they generate profits by lending funds supported through the central bank and state-backed financial systems." "It is problematic in itself for financial institutions to think that making money is everything, or that it is their reason for existence," the president added, stressing that inclusive finance is a key obligation of the banking industry. Lee made the remarks while referring to a series of recent Facebook posts by Kim Yong-beom, presidential chief of staff for policy, who argued that Korea's financial system has become structurally biased against low-credit borrowers. In the posts, Kim said the current system effectively pushes low-credit and middle-credit borrowe

May 6, 2026By Lee Hyo-jin
President criticizes banks' 'profit-first' mindset, calls for stronger public role
previous page
1819202122
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.