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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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North Korea

Unification minister's remarks send mixed signals on NK policy

A minister’s words carry particular weight — all the more so when that minister leads the agency steering North Korea policy for the Lee Jae Myung administration, which seeks rapprochement with Pyongyang. In recent months, Unification Minister Chung Dong-young's statements have often appeared uncoordinated with other security and foreign policy officials, leaving them scrambling to keep the government's message straight. On Thursday, he told reporters that scaling down South Korea-U.S. joint military exercises might be necessary to create conditions for renewed U.S.-North Korea diplomacy. On Monday, ministry spokesperson Yoon Min-ho clarified that Chung's comment reflected the broader implications of the exercises. While relevant ministries communicate closely, no specific adjustments are being discussed, the spokesperson said, suggesting that Chung's remarks had not been coordinated with defense officials in advance. This is not the first time the unification minister's comments on military drills have raised eyebrows. When Chung took office in July, he said he would recommend scalin

Nov 11, 2025By Lee Hyo-jin
Unification minister's remarks send mixed signals on NK policy
Politics

Security tightens around Cheong Wa Dae as presidential office eyes return by year end

Police are stepping up security around Cheong Wa Dae as the government prepares to move the presidential office back to the compound by year's end. According to local media reports on Sunday, Jongno Police Station is reviewing plans to restore 24-hour operations at nearby substations in preparation for the relocation. Currently, the substations are operating with reduced staff and are open only from 9 a.m. to 6 p.m. on weekdays. They are expected to return to a 24/7 schedule, with four rotating teams of five officers each to strengthen security. The Seoul Metropolitan Police Agency's units responsible for on-site and perimeter security around Cheong Wa Dae are also said to be completing preparatory work. These measures come as the Lee Jae Myung government prepares to relocate from the current presidential office in Seoul's Yongsan District to Cheong Wa Dae within the next two months. "Construction is underway with the goal of completing it by year-end," Kang Hoon-sik, the presidential chief of staff, said while speaking about the relocation during a National Assembly audit session Thursda

Nov 9, 2025By Lee Hyo-jin
Security tightens around Cheong Wa Dae as presidential office eyes return by year end
Politics

Debate heats up over extending retirement age to 65

Debate is heating up over raising Korea's statutory retirement age, as the ruling Democratic Party of Korea (DPK) moves to increase it from 60 to 65, citing the nation’s transition toward a super-aged society. Critics warn the move could reduce job opportunities for younger workers and place additional burdens on companies already facing high labor costs. The DPK stated that its special committee on raising the retirement age has been in discussions with leading labor and business organizations — including the Korean Confederation of Trade Unions (KCTU), the Federation of Korean Trade Unions (FKTU) and the Korea Enterprises Federation (KEF) — to coordinate their positions on the proposed legislation. The ruling party has pledged to pass the bill by year’s end, with gradual increases starting in 2027 bringing the age up to 65 by 2033. Raising the retirement age was a key campaign pledge of President Lee Jae Myung and remains a major national priority. If enacted, it would mark the first extension since the nation raised the mandatory retirement age from 58 to 60 in 2016. "Respectin

Nov 9, 2025By Lee Hyo-jin
Debate heats up over extending retirement age to 65
Global Community

Seoul council proposal to limit welfare programs based on nationality sparks criticism

A proposed ordinance at the Seoul Metropolitan Council has sparked controversy, as it would allow the city government to differentiate welfare and support programs for foreign residents based on nationality. According to the council, Shim Mi-kyung, a council member from the conservative People Power Party, along with 32 party colleagues, recently introduced a bill to make foreign residents eligible for certain city-funded programs only if their home countries provide similar benefits to Korean nationals. It would also require the mayor to review whether those countries provide similar support before implementing policies aimed at assisting foreign nationals. Under the proposal, foreign nationals could be excluded from city support programs if their home countries fail to provide equivalent benefits or if Koreans are deemed to face discriminatory treatment there. Exceptions would be made for refugees, those in need of humanitarian aid and foreign entrepreneurs or skilled workers who contribute to the local economy and job market. The bill, introduced in late October, has not yet been refer

Nov 6, 2025By Lee Hyo-jin
Seoul council proposal to limit welfare programs based on nationality sparks criticism
Defense

No decision yet on using Philadelphia shipyard for nuclear sub project: Seoul

No specific details have been discussed with the United States regarding Korea's plan to develop a nuclear-powered submarine, including whether it will be built at a U.S. shipyard, Defense Minister Ahn Gyu-back said Wednesday. The defense minister's comments stand in contrast with U.S. President Donald Trump's earlier announcement that the vessel would be constructed at Hanwha Philly Shipyard in Philadelphia, which is owned by Korea's Hanwha Ocean. Ahn also implied his support for the submarine to be built here, signaling a potential dispute between the two nations over where to construct it. His comments came after the United States granted Korea an unprecedented green light to develop nuclear submarines, after a summit last week between President Lee Jae Myung and Trump on the sidelines of the Asia-Pacific Economic Cooperation (APEC) meetings. "In the negotiations (with the U.S.), such details were not settled, as we discussed only the general principles. There was no mention of which shipyard would be involved," Ahn told lawmakers during a parliamentary session. In response to a quest

Nov 5, 2025By Lee Hyo-jin
No decision yet on using Philadelphia shipyard for nuclear sub project: Seoul
Defense

Long way to go for Korea's nuclear-powered sub despite Trump's nod

Despite what seemed like a breakthrough at last week’s Korea-U.S. summit, questions linger over Seoul’s plan to build its first nuclear-powered submarine, with crucial details yet to be worked out with Washington. Ironing out the technical and political details between the two sides may be a formidable challenge, analysts say. Following President Lee Jae Myung's summit with U.S. President Donald Trump on Oct. 29, the U.S. leader approved Korea's plan to build nuclear-powered submarines, signaling a possible revision of the Korea-U.S. nuclear accord. According to Seoul officials, Lee asked Trump to approve the supply of nuclear fuel for the submarines. Under the current Korea-U.S. nuclear cooperation agreement, Seoul is prohibited from enriching uranium or reprocessing spent nuclear fuel for military use. Trump, however, stopped short of addressing the fuel issue directly during the meeting. Instead, he announced through social media the next day that he had approved the construction of the nuclear-powered submarines in the United States. This appeared to be an unexpected development

Nov 4, 2025By Lee Hyo-jin
Long way to go for Korea's nuclear-powered sub despite Trump's nod
North Korea

Trump's April Beijing trip offers window for US-N. Korea summit

The next possible opportunity for a meeting between U.S. President Donald Trump and North Korean leader Kim Jong-un could come during Trump's planned trip to Beijing in April, according to local observers on Monday. After Trump's Asia trip last week ended without a much-anticipated meeting with Kim, speculation is mounting that the two sides may seek to arrange one early next year. Following a high-stakes summit between Trump and Chinese President Xi Jinping in Busan on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, Thursday, both sides confirmed that Trump will visit Beijing in April. As the U.S. president wrapped up his visit to South Korea, he told reporters he would "come back for a meeting with Kim Jong-un." The remarks came after their encounter failed to materialize, despite Trump repeatedly saying he "would love to meet" the North Korean leader during his Asia trip. Yang Moo-jin, former president of the University of North Korean Studies, said a Trump-Kim encounter in April coinciding with Trump's planned trip to Beijing is a realistic possibility. "As the N

Nov 4, 2025By Lee Hyo-jin
Trump's April Beijing trip offers window for US-N. Korea summit
Foreign Affairs

Gyeongju APEC: well-prepared summit with little to cover

GYEONGJU, North Gyeongsang Province — Gyeongju, the ancient city in North Gyeongsang Province, spent more than a year preparing to host the Asia-Pacific Economic Cooperation (APEC) Economic Leaders Meeting. This reporter arrived Oct. 26, a day before the week-long gathering began, and excitement was in the air. APEC banners were everywhere, and a taxi driver pointed out newly paved roads and renovated hotels, all ready to welcome U.S. President Donald Trump and Chinese President Xi Jinping. On the ground, however, the experience was less glamorous. For many reporters, covering APEC was a test of patience. With hotels near the Bomun Tourist Complex, the summit venue, booked for delegations, journalists had to stay kilometers away in the city center and rely on shuttle buses that often ran late or were stuck in traffic because of heightened security. Once inside the Bomun complex, the real challenge began. Media access to the main venue, the Hwabaek International Convention Center, was completely restricted, leaving reporters confined to the nearby newly built International Media Center. T

Nov 1, 2025By Lee Hyo-jin
Gyeongju APEC: well-prepared summit with little to cover
Foreign Affairs

'It's been a tough week': Gyeongju shop owners struggle under APEC security controls

GYEONGJU, North Gyeongsang Province — As world leaders, delegates and reporters flocked to Gyeongju for this week's Asia-Pacific Economic Cooperation (APEC) summit, many locals had hoped for an economic windfall fueled by APEC-driven promotion. But instead of a surge in sales, the six-day summit week that kicked off on Monday saw quiet shops and anxious merchants at Gyeongju Central Market, a sprawling traditional market with hundreds of stalls selling food, produce, meat and household goods. The market was nearly empty around midday on Friday. There were few customers, mostly local residents rather than tourists, leaving shop owners lingering at their stalls as they watched live coverage of the summit on television. They lamented that foot traffic had dropped by more than half due to summit-related traffic restrictions. "It usually takes 10 minutes for me to get here by bus, but yesterday it took an hour because of the roadblocks," said Kwon Soon-do, 71, who has run a local clothing store for more than 40 years. "When I finally opened my shop, there were no customers at all. I just sa

Nov 1, 2025By Lee Hyo-jin
'It's been a tough week': Gyeongju shop owners struggle under APEC security controls
Foreign Affairs

Meet Korean master artisan behind golden crown presented to Trump

GYEONGJU, North Gyeongsang Province — For 40 years, master craftsman Kim Jin-bae has dedicated his life to replicating ancient Korean artifacts, mostly Silla-era jewelry and crowns from more than a millennium ago. But nothing quite compared to the work he has done this October. Kim made a golden crown as a gift for U.S. President Donald Trump, presented by President Lee Jae Myung during their summit on the sidelines of the Asia-Pacific Economic Cooperation (APEC) meetings on Wednesday. "About a month ago, I recieved contact from the Ministry of Foreign Affairs," Kim said in a phone interview with The Korea Times, Friday. "They asked me to make a special gift for the APEC summit. Only later, as the summit approached, did I learn it would be for President Trump when they requested a nameplate." Kim runs Samseonbang, a small workshop in Gyeongju Folk Craft Village, where he has spent decades preserving Korea’s cultural heritage through delicate replicas. After receiving the call, Kim and his son, who assists him there, spent about 20 days working more than 10 hours a day to complete the

Oct 31, 2025By Lee Hyo-jin
Meet Korean master artisan behind golden crown presented to Trump
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