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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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Economy

Reports say Korea at risk of Taiwan-style polarization amid AI boom

Korea is increasingly headed toward Taiwan’s polarized economic path amid the artificial intelligence (AI) boom, where only a handful of AI-related exporters make profits while domestic demand remains largely stagnant, according to brokerage reports Monday. Two reports, both released by DB Securities analysts, noted that this polarization is exacerbated by the weakening of the Korean won against the U.S. dollar, similar to development’s with Taiwan’s currency, the New Taiwan dollar. The reports explained that the Korean currency’s depreciation is prompting exporters to keep their earnings in U.S. dollars for overseas investments rather than converting them into won, to avoid losses from the weak local currency. These practices further diminish domestic investment, household income, consumer spending and other economic activities at home. “The Korean economy is beginning to resemble Taiwan’s, and that is by no means a compliment,” wrote Moon Hong-cheol, a senior analyst at DB Securities, in a report titled “Taiwan, the Future of Korea under Currency Depreciation.” While M

Dec 1, 2025By Yi Whan-woo
Reports say Korea at risk of Taiwan-style polarization amid AI boom
Economy

Weakening won fuels increase in foreign nationals buying homes in Seoul

A sharp decline in the Korean won, which has strengthened major foreign currencies, is fueling a buying spree of homes in Seoul among foreign nationals, as properties priced in won become more affordable, industry officials said Friday. Property purchases by foreign nationals have been rising steadily, with ownership surpassing 100,000 units nationwide for the first time this year. About 72.5 percent of these purchases are concentrated in Seoul and the greater capital area, according to the Ministry of Land, Infrastructure and Transport. The ministry explained that the number of foreign-owned homes reached an all-time high of 104,065 as of June, up from 98,581 at the end of 2024. Chinese nationals owned 56.6 percent of these 104,065 homes, followed by Americans at 21.5 percent. During this period, the Korean won fell more against the Chinese yuan and the U.S. dollar from June to November than it did from January to June. The Chinese yuan gained 7.3 percent against the won in the first six months of the year, followed by a 9.54 percent increase from June to November. The U.S. dollar rose 7.

Nov 28, 2025By Yi Whan-woo
Weakening won fuels increase in foreign nationals buying homes in Seoul
Banking & Finance

Mirae Asset's TIGER ETF remains top choice for domestic retail investors for 48 months

Mirae Asset Global Investments’ flagship exchange-traded fund (ETF), TIGER ETF, has remained the top choice for 48 consecutive months among domestic retail investors, the company said, Friday. The asset management arm of Mirae Financial Group reported that TIGER ETF accounted for 36.5 trillion won ($24.88 billion), or 40.5 percent of all individual investors’ holdings in the domestic ETF market as of the end of last month. Since 2019, TIGER ETFs’ growth-themed products have helped the fund more than double its share of individual investors’ assets from 19.5 percent. This year, it also expanded its strategy to include global asset allocation, listing ETFs focused on China, gold, and domestic investments to create a more diversified and balanced portfolio, helping it maintain its top position since November 2021. In the first half of 2025, TIGER ETFs featured 213 funds with net purchases totaling 4.06 trillion won. Key products included the TIGER U.S. S&P 500 ETF, which alone exceeded 1 trillion won, and the TIGER KRX Gold Spot ETF, notable for one of the lowest expense ratios among

Nov 28, 2025By Yi Whan-woo
Mirae Asset's TIGER ETF remains top choice for domestic retail investors for 48 months
Economy

KOSPI inches toward 4,000-point recovery, won gains for 3 straight days

The benchmark KOSPI rose for the third straight day on Thursday but fell short of reclaiming the 4,000-point threshold at the close, ending at 3,986.91 points. The index opened at 3,989.45 points, up 0.72 percent from the previous day. It surpassed 4,000 points shortly afterward for the first time since Nov. 20 and reached a peak of 4,023.42 points during the intraday session. However, it could not sustain the gains and ultimately closed below 4,000. The intraday rally was supported by strong overnight gains on Wall Street, where the Dow Jones, S&P 500 and Nasdaq all recorded their fourth consecutive daily increases. KOSPI’s momentum slowed, however, as the Bank of Korea (BOK) hinted at a possible shift in its rate-cut policy. Earlier Thursday, the BOK’s Monetary Policy Board kept the benchmark interest rate steady at 2.5 percent for the fourth consecutive time. In a statement following the decision, the BOK changed its language from “we will continue the rate cutting stance” to “we will keep the possibility of rate cuts open,” signaling a more neutral tone. “Such a shift in m

Nov 27, 2025By Yi Whan-woo
KOSPI inches toward 4,000-point recovery, won gains for 3 straight days
Policy

Public procurement chief committed to sweeping reform for transparency, local autonomy, AI-driven innovation

The Public Procurement Service (PPS) will undergo a sweeping reform to implement President Lee Jae Myung’s principle of transparent, sustainable and growth-driven state management, PPS Administrator Baek Seung-bo said, Thursday. The PPS chief explained that the reform will allow local governments to purchase frequently demanded goods independently, marking a significant shift toward openness and decentralization. Such goods have been purchased mandatorily through PPS, which operates under the Ministry of Economy and Finance. The reform is also expected to attract more capable suppliers to support the government’s artificial intelligence (AI) and other future growth initiatives. “PPS is committed to keeping in step with the government’s core value of transparency for people-centered economic growth and sustainable development,” Baek said. The commitment comes as PPS is tasked with procuring goods and services for all public organizations more responsibly, managing a market worth 225 trillion won ($153.38 billion) that includes 620,000 suppliers and 75,000 end-user institutions. Ba

Nov 27, 2025By Yi Whan-woo
Public procurement chief committed to sweeping reform for transparency, local autonomy, AI-driven innovation
Economy

Gov't plans new NPS framework amid fund’s growing overseas investments, won’s sharp decline

The government plans to establish a new business framework for the National Pension Service (NPS) amid its growing overseas investments and the won’s sharp decline, Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol said Wednesday. As Koo explained, the framework is intended to ensure that the state-run pension fund not only fulfills its primary goal of optimizing investment returns but also contributes to stabilizing the currency market. However, he did not specify how the framework would achieve these dual goals, which may conflict, as NPS might need to sell its U.S.-denominated assets at the expense of returns to slow the won’s depreciation. Koo additionally emphasized that the framework should not be misperceived as a mere short-term tool to mobilize NPS in service of curbing the won’s decline. “We have launched discussions to establish a new framework for NPS to harmonize the fund’s profitability with foreign exchange market stability,” Koo said during a press conference at Government Complex Sejong. “We will discuss both short-term actions possible

Nov 26, 2025By Yi Whan-woo
Gov't plans new NPS framework amid fund’s growing overseas investments, won’s sharp decline
Economy

Exporters flagged as next lever for stabilizing won amid dollar outflow

Export-oriented corporations are being flagged as the next focus of government efforts to slow the Korean won’s sharp decline against the U.S. dollar, after first targeting the National Pension Service (NPS), economists and analysts said Tuesday. The companies posted an all-time-high average monthly balance of $91.88 billion in foreign currency deposits for the third quarter of this year, driven by businesses receiving export earnings in dollars and keeping them, instead of converting them into won, according to the Bank of Korea (BOK). These exporters’ practice of retaining overseas currencies is seen as contributing to the won's continued depreciation, alongside the NPS’ overseas investments of over 580 trillion won ($393.27 billion) and a more than eight-fold increase in U.S. stock purchases by retail investors over the past four years, now totaling $29.2 billion. The won has persistently remained in the worrisome threshold of 1,400 won per dollar, hitting a seven-month low of 1,477.1 won at the close of Monday’s daytime trading session. It bounced back slightly on Tuesday, ga

Nov 25, 2025By Yi Whan-woo
Exporters flagged as next lever for stabilizing won amid dollar outflow
Economy

Korea moves to mobilize state-run pension fund to stabilize weakening won

Financial and monetary authorities are seeking to mobilize the National Pension Service (NPS) in a bid to stabilize the weakening won against the U.S. dollar, according to officials Monday. The move comes as NPS, Korea’s state-run pension fund, is expanding its overseas investments from an asset pool valued at over 1,400 trillion won ($948.38 billion). Estimated at hundreds of trillions of won, such large-sale investments require converting substantial amounts of won into dollars, driving capital outflows and raising concerns as the exchange rate remains above the worrisome 1,400 level. On Monday, the won closed at 1,477.1 per dollar in daytime trading, a decline of 1.5 won. This marked the sixth consecutive day of losses and brought the currency to a seven-month low. The Ministry of Economy and Finance said it held a closed-door meeting on Monday with the Bank of Korea (BOK), NPS and the Ministry of Health and Welfare, under which NPS operates. It was the first four-way meeting since Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol and BOK Gov. Rhee Chang-yong agr

Nov 24, 2025By Yi Whan-woo
Korea moves to mobilize state-run pension fund to stabilize weakening won
Economy

PHOTO Won continues to fall against dollar

A tourist passes by a board displaying U.S. and other currency exchange rates at a money booth in Seoul’s Myeong-dong shopping district, Monday. The Korean won closed at 1,477.1 per dollar in the daytime trading session, weakening by 1.5 won. This marks the won's sixth consecutive losing trading day, extending its decline further and falling to a seven-month low. The Ministry of Economy and Finance said it has formed a multilateral consultative body involving the National Pension Service to monitor the impact of the state-run pension operator's expanded overseas investment activities on the currency market. Yonhap

Nov 24, 2025By Yi Whan-woophoto
[PHOTO] Won continues to fall against dollar
Economy

Weak won pushes duty-free prices above regular store levels

The weakening of the won against the U.S. dollar at an accelerating pace is leading to higher prices for luxury goods at duty-free stores compared to regular stores, according to industry officials Monday. As items at duty-free stores are priced in dollars, they are becoming more expensive when converted to the won. The Korean currency is persistently remaining at the 1,400-won range per dollar, a worrisome threshold. The won closed at 1,477.1 won per dollar during daytime trading Monday, weakening by 1.5 won and renewing its seven-month low, a level it reached on Friday. As a result, a Louis Vuitton Capucines bag priced at $7,500 was sold for 1.11 million won more at a duty-free store than at a nearby department store in downtown Seoul, after applying the exchange rate of 1,468 won per dollar. Similarly, a Dior Caro bag, priced at $4,200 at a duty-free store, was 270,000 won more expensive than at a department store. The cost also rises for items that exceed the duty-free allowance of $800, which are subject to additional taxes. For example, a Chanel Classic Flap bag, priced at $11,350, w

Nov 24, 2025By Yi Whan-woo
Weak won pushes duty-free prices above regular store levels
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