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Yi Whan-woo

Korea Times Politics & City Reporter

Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.

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Weak won bites Naver-controlled Webtoon Entertainment after high-profile Nasdaq debut

Webtoon Entertainment, a Naver-controlled, Nasdaq-listed company, is grappling with pressure on earnings from a weakening won after its high-profile debut on the New York stock market last year, industry officials said Friday. The company reports its sales in U.S. dollars as a U.S.-listed company, while around 60 percent of its shares are owned by Korean internet giant Naver and roughly 24 percent are held by LY Corp., a joint venture between Naver and the Japanese multinational investment conglomerate SoftBank. Meanwhile, the company depends heavily on revenue from paid webtoons operated by its subsidiary Naver Webtoon, with Korea and Japan accounting for 88 percent of total sales. Under these circumstances, industry officials said sales in the fourth quarter are likely to decline from the previous quarter, as the won has weakened further against the dollar. According to the U.S. Securities and Exchange Commission, Webtoon Entertainment posted $378.04 million in third-quarter sales, calculated using an average exchange rate of 1,385.4 won per dollar. While sales rose 8.7 percent year-on-

Dec 26, 2025By Yi Whan-woo
Weak won bites Naver-controlled Webtoon Entertainment after high-profile Nasdaq debut
Economy

Korean won ranks 5th-weakest globally even after authorities intervene

The Korean won has been the fifth-weakest currency globally despite verbal interventions by financial authorities to curb its volatility, data showed Thursday. The data, compiled by the Bank of Korea, shows the won has fallen 3.3 percent against the U.S. dollar in the fourth quarter through Wednesday. Among 42 currencies tracked by the central bank, this decline ranks fifth, following the Argentine peso at 6.8 percent, Japanese yen at 5.1 percent, Brazilian real at 3.7 percent and Taiwanese dollar at 3.3 percent. The depreciation came even after financial authorities verbally intervened, Wednesday, prompting a gain of 33.8 won, its strongest one-day rise in more than three years, to close at 1,449.8 won during daytime trading. The exchange rate remained in the 1,480-won range over the previous two days, marking the first consecutive two-day stay in this range since the 2009 global financial crisis. In the fourth quarter so far, the U.S. dollar index, which measures the dollar against six major currencies, has remained between 97 and 98. A reading above 100 indicates a strengthening dollar

Dec 25, 2025By Yi Whan-woo
Korean won ranks 5th-weakest globally even after authorities intervene
Policy

Korean currency strengthens at steepest pace in 3 years after authorities' intervention

The Korean currency slowed its freefall, closing at 1,449.8 won per dollar in daytime trading, Wednesday — improving by 33.8 won from the previous day’s close and hitting the strongest pace of gain in more than three years — following authorities’ verbal intervention to curb volatility reminiscent of past financial crises. The gain of 33.8 won was the steepest since Nov. 11, 2022, when the local currency climbed by 59.1 won against the dollar. This rebound came after officials from the Ministry of Economy and Finance and the Bank of Korea (BOK) jointly issued a statement, as the won-dollar exchange rate had surged to the 1,480 level earlier this week. The closing rate was at 1,480.10 won on Monday and again 1,483.6 won on Tuesday, marking the first time since 2009 during the global financial crisis that the exchange rate ended two consecutive days in the 1,480 range. The exchange rate also opened at 1,484.9 won on Wednesday. Under the circumstances, the joint statement said, “An excessive weakness of the won is not desirable, and the market will soon see the government’s stro

Dec 24, 2025By Yi Whan-woo
Korean currency strengthens at steepest pace in 3 years after authorities' intervention
Economy

Gov't measures fail to stop won's downhill slide

Korea’s demand for the U.S. dollar has been growing sharply across the board, pushing the value of the local currency to its lowest level since 1998, the height of the Asian financial crisis, according to economists and market analysts Tuesday. This trend will likely continue, and in a worst-case scenario the exchange rate could fall past 1,500 won per dollar in the coming days, far past the 1,380-won level analysts consider desirable for Asia’s fourth-largest economy. “Dollar demand is unusually high across a range of market participants, and this is driving the won down to levels last seen during the Asian financial crisis, even though Korea’s economy is not under strain,” said Shin Se-don, professor emeritus of economics at Sookmyung Women’s University. Moon Jung-hiu, a KB Kookmin Bank economist, echoed that view, saying, “The won is unusually weak due to an imbalance between supply and demand, while economic fundamentals are far better off than they were during the Asian financial crisis.” Experts noted that the won has weakened despite Korea’s foreign currency rese

Dec 23, 2025By Yi Whan-woo
Gov't measures fail to stop won's downhill slide
Others

Tax agency launches extraordinary audit into Coupang, its US parent company

The National Tax Service (NTS) has launched an extraordinary tax probe into Coupang Corp., Korea’s largest e-commerce retailer, and its U.S. parent company, Coupang Inc., following a recent data breach, according to industry officials Monday. The move comes amid the mounting pressure on Coupang Corp. and Coupang Inc., which have been criticized for failing to respond adequately to the leak of personal information affecting approximately 33.7 million customers. The data breach, allegedly carried out by a former employee between June and November this year, came to light in late November. According to the officials, the tax authority has mobilized two key bureaus from its Seoul Regional Tax Office. One bureau is responsible for investigating tax evasion, slush fund creation and other irregular tax activities, while the other oversees international transactions. “About 150 investigators from the two bureaus were dispatched to Coupang’s Seoul headquarters and its logistics subsidiary, Coupang Fulfillment Services,” one official said. The move is widely interpreted as a special tax inv

Dec 22, 2025By Yi Whan-woo
Tax agency launches extraordinary audit into Coupang, its US parent company
Policy

Kosdaq blueprint draws attention ahead of presidential policy briefing, 1,000-point milestone

A potential blueprint for the secondary bourse Kosdaq is drawing keen attention ahead of this week’s policy briefing to President Lee Jae Myung, amid two contrasting developments in the index’s path toward reaching the unprecedented 1,000-point mark. The Financial Services Commission (FSC) will deliver a briefing, Thursday, marking the first policy presentation directly to the president covering ministries and affiliated organizations since he took office in June, intended to help him prepare for 2026, industry officials said Sunday. The FSC briefing comes as more investors expect Kosdaq stocks to continue rising — a positive development on the index’s 1,000-point path — with their available funds borrowed from brokerage firms reaching a yearly high of 10 trillion won ($6.76 billion), according to the Korea Financial Investment Association, Friday. On the downside, Kosdaq’s bellwether stock, Alteogen, announced on Dec. 8 that it will move to the benchmark KOSPI, while second-ranked EcoPro BM is also considering leaving — a continuing outflow of top-performing stocks that c

Dec 15, 2025By Yi Whan-woo
Kosdaq blueprint draws attention ahead of presidential policy briefing, 1,000-point milestone
Policy

New budget office likely to launch leaderless next month

A new budget management office, which will oversee a 727.9 trillion won ($494.29 billion) budget next year, is likely to launch without a leader on Jan. 2, 2026, according to government officials Thursday. Roughly translated as the Ministry of Planning and Budget, the office is taking over several key functions from the Ministry of Economy and Finance, including drafting and allocating the budget and establishing medium- to long-term national development strategies. It will operate under the Prime Minister’s Secretariat, in line with President Lee Jae Myung’s reform plan, following criticism that the Ministry of Economy and Finance held “excessive power” over other ministries through its budgetary authority. This marks the first time since 2008 that a government body tasked with managing the budget will be formed separately from the finance ministry. However, the decision on who will lead the ministry has not yet been made, raising concerns about whether it can get off to a smooth start while managing heavy responsibilities. “Not a single candidate has been nominated with less t

Dec 12, 2025By Yi Whan-woo
New budget office likely to launch leaderless next month
Economy

KOMSCO clinches global banknote award for 80th Liberation Day design

A sample banknote produced by the Korea Minting and Security Printing Corp. (KOMSCO) to commemorate the 80th anniversary of Liberation Day has won top honors at this year’s High Security Printing (HSP) Asia Awards, the state-run banknote manufacturer said Thursday. The work, designed by seasoned KOMSCO designer Kim Jae-min, helped the company win the HSP award for the second time, following its previous work commemorating the PyeongChang 2018 Winter Olympics. Courtesy of KOMSCO

Dec 11, 2025By Yi Whan-woo
KOMSCO clinches global banknote award for 80th Liberation Day design
Policy

Customs officer stands out in landmark crackdown on fake K-beauty products

Byun Chae-eun, 28, a fourth-year officer at the Korea Customs Service (KCS), has distinguished herself in the fight against counterfeit Korean cosmetics, helping to safeguard the global reputation of K-beauty. She played a key role in a landmark crackdown, uncovering 22,339 fake Korean skin care items sent from China to Korea via express cargo, including imitations of popular brands such as Sulwhasoo, KAHI and d’Alba. The operation was carried out by KCS’ Incheon Airport Regional Customs from June to November at Korea’s main gateway, which handles over 60 percent of imported express cargo. This shipping method has been increasingly exploited to bring knockoffs of popular Korean brands into the country, with counterfeit products slipping into domestic health and beauty stores or being resold overseas. “I feel proud that my work has contributed, even in a small way, to enhancing global trust in K-beauty,” Byun said in a recent interview with The Korea Times. “At the same time, it is rewarding to realize that doing my best in my role helps protect our domestic industries.” The

Dec 11, 2025By Yi Whan-woo
Customs officer stands out in landmark crackdown on fake K-beauty products
Economy

Gov't mulls issuing foreign currency bonds through NPS

The Ministry of Health and Welfare is reviewing the potential issuance of foreign currency bonds through the National Pension Service (NPS) and, if necessary, considering a legal amendment to facilitate the issuance, government officials said Tuesday. The move is in line with a key objective of the four-way consultative body composed of the Ministry of Health and Welfare, the NPS, the Ministry of Economy and Finance and the Bank of Korea (BOK). Launched on Nov. 24, the body aims to enhance coordination on fiscal, monetary and overseas investment policies, in addressing concerns that the NPS’ overseas investments, estimated at more than 580 trillion won ($395 billion), may be contributing to capital outflow. The Korean currency persistently remains at a worrisome level of more than 1,400 won per dollar. Under the circumstances, the government officials said the Division of National Pension Finance under the Bureau of Pension Policy has begun a full-scale review of the need and validity of issuing foreign currency bonds for the NPS. “If diversifying foreign currency funding is deemed ne

Dec 9, 2025By Yi Whan-woo
Gov't mulls issuing foreign currency bonds through NPS
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