“100 Trillion Won Is Needed.”.

• SK Hynix has decided to list ADRs (American Depositary Receipts) on the U.S. stock market. The scale is 10–15 trillion won, a record high.
• Kwak No-jeong (SK Hynix President) said at the shareholders’ meeting, “Sufficient cash is a strategic asset and insurance against uncertainty,” adding, “We will secure over 100 trillion won in net cash.” SK Hynix’s cash holdings were 35 trillion won as of the end of last year.
• The investment cost for the Yongin semiconductor cluster has already ballooned from 128 trillion won to 600 trillion won.
• Some shareholders protested, arguing that shareholder value would be undermined. There are also expectations that if the stock value is re-evaluated compared to Micron Technology, the share price could rise further.
• Related Link.
• Related Link.

What Matters Now.

Kim Bu-gyeom Wins Against Any Rival.

• Will Daegu flip? In a Yeongnam Ilbo-Realmeter hypothetical matchup survey, Kim Bu-gyeom (former Prime Minister) defeated all People Power Party preliminary candidates.
• At best, Lee Jin-suk (former Chair of Korea Communications Commission) and Joo Ho-young (People Power Party lawmaker) had the highest support rates—but both have already been eliminated. Kim Bu-gyeom-Lee Jin-suk stood at 47.0–40.4, and Kim Bu-gyeom-Joo Ho-young at 45.1–38.0. Lee Jin-suk is within the margin of error.
• The gap is even wider against other candidates.
• A People Power Party official met by Chosun Ilbo said, “There were longstanding concerns that the party was becoming a ‘TK Liberal Democratic Party,’ but now it seems we’ll have to concede Daegu and become a ‘Gyeongbuk Party.’” One People Power Party lawmaker remarked, “I understand there are many Daegu citizens who believe ‘the party needs to be taught a lesson.’”
• Related Link.
• Related Link.

Will Joo Ho-young and Han Dong-hoon Align?

• Joo Ho-young’s potential run as an independent is also being discussed. Han Dong-hoon (former People Power Party leader) hinted at collaboration, saying, “Joo Ho-young fully agrees with the conservative reconstruction I advocate.” If Joo Ho-young runs, a by-election seat could open. Han Dong-hoon might also run in Daegu Suseong-gu.
• Lee Jung-hyun (People Power Party Nomination Committee Chair) said, “The only reason for the current noise is one thing: change has occurred.” This signals no intention to withdraw the cutoff.
• While Kim Bu-gyeom maintains a commanding lead, some speculate that a three-way race with an independent candidate could complicate things.
• Related Link.

What About Gyeonggi Province? Kim Moon-soo and Lee Jin-suk Are Mentioned.

• The People Power Party is struggling to select a candidate for Gyeonggi Province. Kim Moon-soo (former Minister of Employment and Labor), who served as Gyeonggi Governor until 2014, is seen as too hardline conservative to expand appeal.
• Ahn Cheol-soo (People Power Party lawmaker) and Kim Eun-hye (People Power Party lawmaker) have stated they will not run.
• The mood is so dire that talk has turned to bringing in Lee Jin-suk, who was cut from the Daegu race.

Deep Dive.

Trump Demands 15 Things from Iran.

• Halt and dismantle nuclear programs, send already-enriched uranium to the IAEA (International Atomic Energy Agency), accept IAEA inspections, and cease support for proxy forces like the Houthi rebels.
• Above all, a precondition is guaranteeing free passage through the Strait of Hormuz.
• If Iran accepts, the proposal offers to lift international sanctions and support civilian nuclear programs.
• The Guardian called it “conditions Iran cannot accept,” noting, “It’s a near-rehash of terms Iran rejected a year ago.”
• According to Iran’s Press TV, Iran’s counteroffer has five demands: the U.S. and Israel must halt attacks, promise non-repetition, and compensate for damages. They must also recognize and guarantee Iran’s jurisdiction over the Strait of Hormuz.
• Pakistan has stepped in as a mediator. It hosts no U.S. military bases, has over 10% Shia population, and maintains smooth relations with Iran.
• Related Link.
• Related Link.

Will Gasoline Top 2,000 Won?

• The government will adjust the maximum oil price again tomorrow. Wholesale gasoline prices have surged from $78.8 per barrel in late February to $149.5 in late March on the Singapore exchange. Gasoline is up 90%, diesel 150%.
• The previous cap set on the 13th was 1,724 won for gasoline and 1,713 won for diesel—both could rise by 541 won and 808 won respectively.

Tehran Tollgate Strategy.

• 2 million USD toll for Hormuz passage—specific figures are being floated.
• Iran may attempt to monetize the Strait of Hormuz even after the war.
• Though it pledged to allow non-hostile vessels, it’s unclear if South Korea is included.

Occupy Kharg Island? Possible, but Can They Hold It?

• It would be fully exposed to Iranian attacks. If U.S. forces were to hide behind Kharg Island’s oil facilities, Iranian missiles would erase the Middle East’s largest oil infrastructure. Yet handing over such critical infrastructure to the U.S. is untenable.
• Naval access is difficult, and helicopter movement—though likely—remains vulnerable to drone strikes.
• Trump insists on negotiations while refusing to rule out ground troop deployment.
• Would occupying Kharg Island give the U.S. leverage in negotiations? The Financial Times analyzed that Iran might prefer destroying it rather than handing it over to the U.S.
• Related Link.

Senior Officials’ Wealth Rises by 150 Million Won.

• 1,903 officials’ average wealth increased from 1.95 billion won to 2.1 billion won, driven by stock and real estate gains.
• Blue House staff averaged 2.7 billion won.
• Seven of 18 ministers own multiple homes: Han Sung-sook (Minister of SMEs and Startups) owns four, Song Mi-ryeong (Minister of Agriculture, Food and Rural Affairs) owns three.
• Lee Jae-myung (President) saw his wealth rise by 1.8 billion won to 4.9 billion won, including 1.56 billion won in royalties from five books, including “Ultimately, It’s the People.”

Social Media Addiction Liability: Meta and Alphabet Ordered to Compensate.

• A court recognized responsibility in a lawsuit alleging depression and physical disabilities caused by social media use.
• The plaintiff, a 20-year-old woman, reportedly used YouTube since age six.
• Meta (Facebook) argued mental health issues could exist independently of social media, while Google (Alphabet) claimed YouTube was merely a video platform akin to TV—but the jury found them liable.
• The case is being called a ‘bellwether trial’ that could set precedents for similar lawsuits.
• The Wall Street Journal noted, “This is a victory for lawyers, not necessarily for children or society.”
• Related Link.
• Related Link.

Another Take.

Retail Investors Defend Index, Pumping 25 Trillion Won.

• Foreign investors sold a net 24 trillion won worth of stocks this month, institutions 3 trillion won. Individuals bought those shares, defending Kospi.
• Margin trading also rose: unsettled brokerage balances reached 443.7 billion won. If prices fall, forced liquidations could spike volatility.

“2022 Election Lost Because Pro-Moons Didn’t Help.”.

• Song Young-gil (former Democratic Party leader) claims this. Yoo Si-min (author)’s ABC theory ignited internal party conflict.
• Pro-Moon factions criticized Yoon Gun-young (Democratic Party lawmaker) for “going too far,” while Ko Min-jung (Democratic Party lawmaker) posted on Facebook: “I realize truth must be uncovered, not left to emerge on its own.”
• Even the pro-Myung faction weighed in: Han Joon-ho (Democratic Party lawmaker) criticized, “I don’t understand why they’re drawing these lines,” and Kim Young-jin (Democratic Party lawmaker) said, “Song Young-gil’s remarks may have been excessive.”
• Yoo Si-min returned to the Maebul Show and stated: “I explained why existing conflicts arose—I didn’t create them.”
• Related Link.

No One Calls for Jang Dong-hyeok.

• No regional events have been scheduled for March. “Having your photo taken with Jang Dong-hyeok (People Power Party leader) is a liability,” some say.
• Bae Hyun-jin (People Power Party lawmaker) remarked, “Not a single region has asked for his help.”

AI-Powered EBS Educational Programs.

• Producing a single puppet show costs 12–15 million won, but AI reduces it to under 7 million won.
• EBS plans a program called ‘AI Classics: 100 Books That Changed History,’ featuring authors explaining works like ‘On Liberty,’ ‘The Wealth of Nations,’ and ‘The Odyssey.’ All images, audio, and subtitles will be AI-generated.
• Concerns arise over potential job losses for voice actors and editors.

“Gangnam Will Drop 30%.”.

• Lee Jae-myung’s government has three key real estate advisors: Lee Kwang-soo (CEO of Kwangsoo’s Real Estate), Chae Sang-wook (CEO of Connected Ground), and Han Moon-do (professor at Myongji University).
• Lee Kwang-soo, dubbed the “Yoo Si-min of real estate,” forecasts that Gangnam and “Maruyong-Songpa-Yongsan” home prices will fall 30% from their peak—other regions are expected to drop 5–10%.
• A 59㎡ apartment in Dogok, Gangnam, rose by 2 billion won over eight years, with annual property taxes of 3.3 million won. If someone earned 2 billion won over eight years through wages, taxes would exceed 700 million won. Lee pointed out, “Property taxes should be normalized, but homes over 4 billion won should face higher levies.”
• A 4-billion-won home would incur 40 million won in taxes annually—monthly installments would make the burden feel heavier.
• During the Moon Jae-in administration, global home prices were rising, but now conditions differ. The argument is that simply reversing policies that artificially inflated real estate would stabilize prices.
• Related Link.

Seoul Average Monthly Rent Hits 1.52 Million Won.

• Shortages are reported not just for jeonse but monthly rent—rental listings themselves have shrunk.
• Last month, Nowon District’s monthly rent index rose 0.9%.
• Ko Joon-seok (Yonsei University professor) said, “With limited new housing supply and tightened jeonse loan requirements, monthly rents are structurally forced to rise.”

The Fix.

Will the Total Fertility Rate Recover to 1.0?

• Births surged. January births reached 26,916.
• The rebound is attributed to increased marriages among the second echo-boom generation (born 1991–1996)—children of the second baby boom (1964–1974).
• Marriages also rose to 22,640 cases.
• Both figures mark a meaningful rebound, even accounting for the January effect.
• The fertility rate climbed to 0.99 on a monthly basis. Monthly rates hold limited significance: the 2025 annual projection remains 0.80—still the world’s lowest.

ICYMI.

BTS Comeback Live Draws 18.4 Million Viewers.

• This was Netflix’s first live broadcast, making direct comparisons difficult.
• Last January, Alex Honnold (climber) drew 6.2 million viewers while free-climbing Taipei 101 in Taiwan.
• The record for live streaming remains the Baltimore Ravens vs. Houston Texans game, which attracted 27 million viewers.

Barricades Around Statue of Peace to Be Removed.

• The barricades were installed in 2020 due to threats from far-right groups.
• Last month, the passage of the revised Comfort Women Victims Act made it possible to impose criminal penalties for denying, distorting, or spreading false information about the facts of Japanese military “comfort women” victimization.

Worth Reading.

The Democratic Party’s Infighting Has Crossed the Line.

• “They are misusing the power entrusted by the people.” This is the assessment of Choi Moon-sun (The Korea Herald columnist).
• “Even with elections around the corner and a Middle East crisis unfolding, their lack of restraint shows they are intoxicated by power.”
• “Rebellion Party” and “Infighting Party” are terms used by Ahn Cheol-soo (People Power Party lawmaker). Choi Moon-sun views it as, “The Rebellion Party and Infighting Party are mutually reinforcing.”
• “The Democratic Party squanders state momentum, banking on the People Power Party’s incompetence, while the People Power Party avoids reckoning with its rebellion, relying on the Democratic Party’s arrogance.”
• Related Link.

Flexible Labor Markets + Social Safety Nets: Why It’s Not Working.

• “While companies often criticize labor market rigidity, workers see layoffs as a death sentence—making it hard to accept. Flexibility must be paired with stronger social safety nets.”
• A valid argument, but a daunting task no government has yet achieved. This was Lee Jae-myung’s remark at the Economic, Social, and Labor Council (ESLC) debate.
• Kim So-yoon (The Hankyoreh Social Policy Editor) noted, “The president’s push for easier layoffs will only further entangle social dialogue.”
• First, the trauma of mass layoffs runs deep.
• Second, easy layoffs are simple to implement, but social safety nets are not a bargaining chip. Labor distrust is high.
• Third, there is no successful history of social compromise. Each stakeholder lacks representation and influence. Above all, a culture of dialogue has not been cultivated.
• Related Link.