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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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Politics

Where will Korea's next presidential office be?

Following Yoon Suk Yeol's removal from the presidency, the future of the presidential office in Yongsan District — a key symbol of his administration — is now uncertain. Yoon, whose impeachment was upheld by the Constitutional Court on Friday, had begun his term in May 2022 by relocating the presidential office from Cheong Wa Dae to the Ministry of National Defense headquarters in Yongsan. Opposition lawmakers criticized his administration wasted taxpayer money with the relocation. The move cost around 82 billion won ($61 million), more than double Yoon’s initial proposal of 36 billion won. The defense ministry was subsequently forced to vacate its headquarters and move into the nearby Joint Chiefs of Staff (JCS) building, causing further logistical complications. But now, with Yoon’s term abruptly cut short, it will be up to the next president to decide whether to stay in Yongsan or consider an alternative location for the presidential office. A presidential election will take place within two months, but considering that a presidential transition committee is not established af

Apr 7, 2025By Lee Hyo-jin
Where will Korea's next presidential office be?
Foreign Affairs

Next president should build personal diplomacy with Trump immediately: experts

Korea's next president, whoever it will be, should try to talk with U.S. President Donald Trump as soon as possible and build personal ties with him, as the removal of Yoon Suk Yeol from the presidency has thrown Korea’s foreign policy into a new period of uncertainty amid a rising global trade war. During his nearly three years in office, Yoon sought to elevate South Korea’s role on the global stage, promoting a "global pivotal state" vision centered on strengthening ties with the United States and deepening cooperation with Japan. His impeachment, upheld by the Constitutional Court on Friday, has abruptly halted this agenda, leaving Seoul’s diplomacy in limbo until a new leader is elected in the next two months. Foreign affairs analysts told The Korea Times that while Yoon's ouster has resolved the nation's immediate political crisis, it offered little clarity on how the country will navigate growing global uncertainties in the face of an escalating trade war initiated by U.S. tariffs. "The Constitutional Court's unanimous 8-0 vote and detailed rationale for upholding the impeach

Apr 5, 2025By Lee Hyo-jin
Next president should build personal diplomacy with Trump immediately: experts
Politics

Decoding ruling: Why court upheld Yoon's impeachment

The Constitutional Court’s historic decision Friday to remove President Yoon Suk Yeol from office was based on several key factors: his motives and the way he declared martial law on Dec. 3 last year, as well as his actions during his short-lived martial law imposition — all of which were either unconstitutional or lacked legal grounds. In essence, the court rejected Yoon’s claims that the imposition of martial law was merely a warning to his political opponents, that it was within his presidential authority and that it followed a legitimate Cabinet process. In a unanimous ruling delivered at 11 a.m., the eight-member panel upheld the impeachment motion against Yoon. The much-awaited ruling came 111 days after the National Assembly passed the impeachment motion and 123 days after Yoon declared martial law. 1. Martial law unjustified The court dismissed Yoon’s justification that imposing military rule was necessary to counter what he called a governance paralysis caused by opposition-led legislation and the impeachment of high-ranking officials. The justices ruled that, at the time

Apr 4, 2025By Lee Hyo-jin
Decoding ruling: Why court upheld Yoon's impeachment
Foreign Affairs

Foreign envoys get firsthand look at Korea's weapons systems

CHANGWON, South Gyeongsang Province — The thunderous roar of a K9 howitzer echoed through a testing site at Hanwha Aerospace’s manufacturing plant on Wednesday as foreign diplomats watched closely, getting a firsthand look at one of Korea’s domestically developed weapons. Fifteen diplomats, including ambassadors, charges d’affaires and military attaches, toured the defense production facility in Changwon as part of a visit organized by the Ministry of Foreign Affairs and the Defense Acquisition Program Administration. The two-day visit to the nation's major arms production facilities showcased the K9 Thunder howitzer, the K2 Black Panther tank and the FA-50 fighter jet, highlighting Korea’s expanding presence in the global arms market. Korea has become a key arms supplier, known for its rapid production and delivery, as the prolonged war in Ukraine reshapes global defense strategies. Participating embassies included nations that have already purchased Korean weapons as well as potential buyers. During the tour, some envoys had the opportunity to test-ride the K9 howitzer, which

Apr 3, 2025By Lee Hyo-jin
Foreign envoys get firsthand look at Korea's weapons systems
Society

INTERVIEW Danish lawmaker urges Denmark to address adoption scandal after Korean investigation

Katrine Daugaard, a member of Denmark’s Liberal Alliance Party, urged the Danish government to launch an impartial legal investigation into irregularities in past overseas adoptions from Korea, stressing that both the sending and receiving countries must take responsibility for misconduct in adoption practices. "The work and probe results that the Truth and Reconciliation Commission (TRC) has made are super important. This is a call upon the Danish Parliament to investigate Danish authorities and adoption agencies," Daugaard told The Korea Times via email, Tuesday. "I can’t say I was surprised by the results because I have read so many government files and case documents. It is very important for the people in both countries involved that the government takes responsibility for finding out the truth however dark it is," she added. Her remarks follow March 26 announcement by the Korean commission on its initial investigation into overseas adoptions, which found government responsibility for human rights violations in intercountry adoptions from the 1960s to the 1990s. Of the 367 case

Apr 1, 2025By Lee Hyo-jin
[INTERVIEW] Danish lawmaker urges Denmark to address adoption scandal after Korean investigation
Defense

Korea baffled by US listing of defense offsets as trade barrier

Officials in Seoul seem perplexed by the U.S. government's inclusion of Korea's offset trade program in the defense sector in its report on foreign trade barriers, released just two days before the Donald Trump administration is set to impose reciprocal tariffs. This marks the first time the U.S. Trade Representative (USTR) has included Korea’s defense offset policy in its annual National Trade Estimate Report on foreign trade barriers. Defense offsets are agreements in the defense sector whereby the selling country provides benefits, such as technology or export deals, to the purchasing nation. The report identifies obstacles faced by U.S. exporters in the global market. "The Korean and U.S. governments are closely cooperating through discussions based on a reciprocal defense procurement agreement aimed at easing barriers in defense acquisition," Cho Yong-jin, spokesperson for the Defense Acquisition Program Administration, said during a briefing Tuesday. "We believe further analysis is needed to fully understand the U.S. position." The comment came in response to the USTR report on

Apr 1, 2025By Lee Hyo-jin
Korea baffled by US listing of defense offsets as trade barrier
Defense

S. Korea on edge as US eyes USFK role in Taiwan contingencies

South Korea is expected to face pressure from the U.S. government to allow American troops stationed in the country to be deployed in the event of a conflict in the Taiwan Strait, analysts said Monday, following an alleged secret Pentagon memo that describes "deterring China's seizure of Taiwan" as its focus. This contentious idea would shift the primary mission of the 28,500 U.S. Forces Korea (USFK) troops from deterring North Korean threats to countering China — a key element of the Donald Trump administration's foreign policy. For Seoul, this could create a security vacuum and complicate its relations with Beijing. According to a Washington Post report published Saturday (local time), an interim National Defense Strategic Guidance document from the U.S. Department of Defense prioritizes deterring China’s seizure of Taiwan and strengthening homeland defense by "assuming risk" in other parts of the world. The secret document, allegedly signed by Defense Secretary Pete Hegseth, was reportedly distributed within the department in mid-March. The document describes China as the departme

Mar 31, 2025By Lee Hyo-jin
S. Korea on edge as US eyes USFK role in Taiwan contingencies
North Korea

N. Korea-Russia relations strengthen despite Ukraine peace talks

North Korea and Russia’s partnership is showing signs of deepening even as Moscow participates in peace talks to end its war in Ukraine, fueling speculation that their military cooperation could persist well beyond the end of fighting. Their military ties, solidified during a surprise summit between their leaders in September 2023, have been rooted in mutual strategic interests. Russia has relied on North Korea for ammunition and troop support in its invasion of Ukraine, while Pyongyang is believed to have received military technology in return. Despite expectations that their transactional partnership would weaken after the war, analysts suggest their bond is only growing stronger, even as ceasefire negotiations between Russia and the United States to end the three-year conflict in Ukraine are seeing some progress. "Throughout the war, North Korea has proven to be Russia’s most reliable — if not the only — ally. No other country has openly sided with Russia and sent troops in support," said Cho Han-bum, a senior researcher at the Korea Institute for National Unification. "Even i

Mar 30, 2025By Lee Hyo-jin
N. Korea-Russia relations strengthen despite Ukraine peace talks
Defense

South Korea's nuclear ambitions: self-defense or risky gamble?

South Korea has long faced the threat of its nuclear-armed northern neighbor, a risk that continues to grow as North Korean leader Kim Jong-un vows to expand his country’s nuclear weapons program. But what if both Koreas possessed nuclear weapons? Would it strengthen Seoul’s deterrence and create a balance of power — or would it turn the Korean Peninsula into one of the world’s most dangerous flashpoints? The debate over whether South Korea should abandon its long-standing nuclear-free policy and develop its own nuclear weapons has resurfaced after the U.S. Department of Energy recently designated Seoul as a "sensitive country." This move placed South Korea on a list that primarily consists of U.S. adversaries such as China, Russia, Pakistan, North Korea and Iran. Speculation that this designation may signal growing U.S. concerns over increasing voices in South Korea advocating for nuclear armament has sparked further debates among scholars and politicians. At the heart of the debate over South Korea acquiring its own nuclear weapons are three main considerations: whether it has

Mar 27, 2025By Lee Hyo-jin
South Korea's nuclear ambitions: self-defense or risky gamble?
Foreign Affairs

Korea, Norway agree to cooperate on overseas adoption probe

Korea and Norway agreed Thursday to cooperate on investigations into intercountry adoption irregularities and support the rights of affected adoptees, as both nations conduct separate probes into past adoption practices. Korea's Truth and Reconciliation Commission (TRC) Chairperson Park Sun-young met with Camilla Bernt, head of the Norwegian Investigation Committee on Intercountry Adoption, in Seoul, where the two sides agreed to share their respective investigative findings. Their meeting took place a day after the TRC announced the initial findings of its yearslong probe into adoption misconduct from the 1960s to 1990s, which unearthed the Korean government's mistakes and oversights in the process. The investigation found that inadequate government supervision and administrative failures led to widespread misconduct, falsified documents and corrupt practices. "Korea is the country from which there has been the highest number of adoptions to Norway, totaling more than 6,500 children. For the Norwegian committee, TRC’s investigation is therefore highly relevant. The report will be an i

Mar 27, 2025By Lee Hyo-jin
Korea, Norway agree to cooperate on overseas adoption probe
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