Slow Letter is
a curated snapshot of Korea.

We go beyond the headlines, connect the dots, and show you what really matters — with insight and edge. We surface the stories behind the noise and bring the context you didn’t know you needed. It’s not just about what’s happening. It’s about why it matters.

This English edition combines AI-powered translation with careful human editing — using Upstage Solar-Pro-2 — and it’s still in beta mode.We’re learning as we go, and your feedback is invaluable.

“New Wine in New Wineskins.”.

• Jeong Seong-ho (Minister of Justice) has formally reiterated his resignation. “Most of the prosecution reform is complete,” he said, adding, “I’ve had severe sleep disorders and we’ve been discussing it.” “I considered this even before announcing the abolition of supplementary investigative authority,” he claims.
• Jeong still believes supplementary investigative authority is necessary.
• “Because prosecutors abused their power so severely in the past, lawmakers declared the fundamental principle of separating investigation and prosecution in line with public sentiment, and as a result, prosecutors’ investigative authority was finally revoked. The Public Prosecution Office and the Serious Crimes Investigation Agency were established, and once they launch on October 2, 95% of prosecution reform will be achieved. The request is simply to ensure victims are not neglected so the public isn’t anxious.”
• The *Hankyoreh* analyzed, “This was an indirect expression of discontent over the ruling party’s legislative strong-arming.”
• A Blue House official stated, “No formal resignation has been confirmed.”
• Lee Jae-myung (President) is scheduled to return next month on the 3rd.
• Related Link.
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The Final Piece of Prosecution Reform.

• Han Byung-do (Democratic Party floor leader) said this. The Democratic Party decided to process the abolition of supplementary investigative authority on the 30th.
• A Democratic Party lawmaker met by The Hankyoreh said, “It’s a very awkward situation because a specific candidate is trying to use the abolition of supplementary investigative authority as kindling for the party convention.” This refers to Chung Cheong-rae (former Democratic Party leader). There are calls to expedite the process to prevent it from becoming a contentious issue at the party convention.
• Related Link.

What Matters Now.

CXMT Shares Surge 466% on Debut.

• It is the world’s fourth-largest DRAM manufacturer. Known as ChangXin Memory Technologies (CXMT).
• It became the largest by market cap in China immediately after listing on the Shanghai Stock Exchange yesterday.
• The IPO price was 8.7 yuan, closing yesterday at 49.0 yuan.
• Market cap reached 3.3 trillion yuan, equivalent to 712 trillion won. About half of Samsung Electronics’ market cap.
• CXMT’s Q1 revenue was 50.8 billion yuan, a 719% surge from the same period last year.
• It holds an 8% share of the global DRAM market.
• Related Link.
• Related Link.

“We Must Think of It as Fighting the Chinese Government.”.

• This was the remark made by a semiconductor company CEO interviewed by JoongAng Ilbo. “CXMT is the most frightening. They’re about to start making serious profits.”
• CXMT grew with full support from the Chinese government. It received 141 trillion won in investments from state funds and acquired factory sites almost for free. The localization rate of Chinese semiconductor equipment has reached 35%.
• South Korea’s semiconductor exports to China fell from $75.9 billion in 2022 to $74.5 billion last year. The export share dropped from 53% to 40%.

Invalidate Yoon’s Election? 1 Year 6 Months for Election Law Violation.

• Court sentenced Yoon Suk-yeol (former president) to 1 year 6 months in prison, suspended for 3 years, in the false information dissemination case. If a fine over 1 million won is finalized, his election will be invalidated.
• This is the first time a former president has received a sentence that invalidates an election.
• The charges are twofold: First, lying that he never introduced a lawyer to Yoon Woo-jin (former Yongsan tax office chief), and second, lying that he never met Geonjin Law Firm with Kim Keon-hee (spouse). The court ruled both constituted false information dissemination.
• Cho Soon-pyo (Seoul Central District Court judge) said, “The crime is grave as false information was disseminated on a matter of intense voter interest.”
• Yoon Suk-yeol’s legal team protested, calling the ruling “a copy-paste of the special prosecution team’s one-sided claims.”
• Related Link.
• Related Link.

A 39.7 Billion Won Lie.

• JoongAng Ilbo editorialized, “A momentary attempt to evade an unfavorable political situation has ultimately shaken the very foundation of the party.”
• If Yoon Suk-yeol’s (former president) election invalidation is finalized, the People Power Party would have to return 39.7 billion won in reimbursed election costs.
• Lee Jae-myung’s (president) election law violation case has been postponed until after his term. The key issue is his alleged fabrication of a golf outing with Kim Moon-ki (former chief of Seongnam Urban Development Corporation). He was sentenced to one year in prison, suspended for two, in the first trial, acquitted on appeal, and the Supreme Court overturned the acquittal, remanding for a retrial.
• As party leader, Lee once stated after the first trial: “Applying the law arbitrarily—like a ring through an ear or a nose—undermines political trust.” He argued, “Revising election laws to enhance transparency and prevent illegality is essential,” but no follow-up legislation has occurred.
• Related Link.

PPP Headquarters Sale Rumors.

• The People Power Party’s assets totaled 131.6 billion won as of February this year, with only 11.6 billion won in liquid assets.
• If the election invalidation is finalized, the National Tax Service may issue two return orders and initiate collection procedures if unheeded.
• A PPP lawmaker interviewed by JoongAng Ilbo said, “Must we surrender both the administration and the party headquarters?” Park Sung-hoon (PPP spokesperson) stated, “I understand selling the headquarters is not currently under realistic consideration.”
• A PPP official interviewed by Kyunghyang Shinmun remarked, “If parties must return election funds over such allegations, how can any party operate properly?”
• Related Link.
• Related Link.

Deep Dive.

Nvidia Becomes Naver’s Third-Largest Shareholder.

• Nvidia agreed to invest $1 billion via a third-party rights offering.
• The current top shareholder is the National Pension Service (8.6%), followed by BlackRock (6.1%), and Lee Hae-jin (Naver Board Chairman) at 3.9%. If Nvidia secures 4.5%, it will overtake Lee for third place.
• Separately from the Nvidia equity investment, Naver plans to secure $9 billion in infrastructure funding from Brookfield. The funds will be allocated to a 1GW-scale AI data center.
• Related Link.

Another Take.

“No Exit Without Discipline.”.

• “Grabbing the floor leader’s collar and verbally abusing him was a highly inappropriate act that damaged the dignity of conservatism and party leadership.” This was the assessment by Park Sung-hoon (People Power Party spokesperson). The Supreme Council meeting concluded to sever ties with Kwon Young-jin (People Power Party lawmaker).
• The People Power Party’s Ethics Committee is reviewing disciplinary procedures against Kwon Young-jin.
• Disciplinary proceedings are also underway against Cho Kyung-tae (People Power Party lawmaker) and Jin Jong-oh (People Power Party lawmaker). Cho Kyung-tae made calls attempting to sabotage Park Deok-hum’s (Vice Speaker of the National Assembly) candidacy in the Vice Speaker election. Jin Jong-oh’s disciplinary case stems from supporting Han Dong-hoon (independent lawmaker) in the Busan Buk-gap by-election.
• A People Power Party lawmaker interviewed by Chosun Ilbo criticized, “These are politically motivated disciplinary actions carried out on the party leader’s orders to eliminate rivals.”
• Related Link.
• Related Link.

Raising Both Property and Transaction Taxes.

• Chosun Ilbo criticized, “This is targeting even single-homeowners, not just multiple-homeowners, with punitive policies.”
• The long-term holding special deduction is likely to be abolished after 39 years. Discussions are underway to impose a 1 billion won cap on residency period deductions. Currently, deductions are applied at 4% per year for holding and residency periods, up to 80%.
• The comprehensive real estate tax will increase rates while raising the fair market value ratio, increasing the burden on ultra-luxury homes.
• Oh Moon-sung (Professor, Hanyang Women’s University) pointed out, “It’s unclear whether the purpose of the real estate policy overhaul is tax hikes or stabilizing home prices.”
• Kwon Dae-jung (Professor, Hansung University) said, “The basic principle of market-oriented policy is to lower transaction taxes like capital gains or acquisition taxes when raising property taxes to stimulate market listings. The Lee Jae-myung administration seems to view capital gains taxes as a revenue tool, not a transaction tax.”
• Park Hoon (Professor, University of Seoul) emphasized, “Abolishing the comprehensive real estate tax and shifting to a single property tax system would enhance predictability.”
• Related Link.

Tax Hike on Just 0.3%?

• In an editorial, Kyunghyang Shinmun noted, “It is desirable to target ‘premium single homes’ that have driven up housing prices and increase their tax burden,” but criticized, “If the threshold for ultra-luxury homes is set at 3 billion won in assessed value, only 0.3% of all homes would be subject to this.”
• “This risks diluting the intent to strengthen tax equity,” the piece argued.
• Kim Yu-chan (Hongik University professor) criticized, “This is merely pretending to tax, while effectively avoiding it,” adding, “Beyond fairness, the perception that the president is not serious about taxing ultra-luxury homes could worsen polarization significantly.”
• Related Link.

Raising Holding Taxes While Opening Exits.

• Kim Yong-beom (Blue House Policy Secretary) said, “For multiple-homeowners, if holding taxes are strengthened, we must open exits to encourage them to sell.”
• First, temporarily easing the heavy transfer tax on multiple-homeowners,
• Second, delaying property tax payments for retiring seniors until the time of sale,
• Third, reducing transfer taxes if a homeowner sells a metropolitan-area property and relocates to a regional area.
• Kyunghyang Shinmun analyzed, “The intent is to raise the burden of holding multiple homes through higher holding taxes while temporarily lowering transfer taxes to encourage actual sales.”
• Koo Yoon-cheol (Minister of Economy and Finance) said, “We will consider differentiated transfer taxes for multiple-homeowners who hold unused properties long-term.”
• Chosun Ilbo criticized, “The contradiction of sending conflicting signals—‘sell due to higher holding taxes’ and ‘do not sell due to higher transaction taxes.’”
• Lee Jae-myung (President) had instructed a review of the ‘one-time lifetime exemption on single-home transfer taxes,’ calling it “a reasonable point,” but it was excluded from this reform package.
• Related Link.
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“This Way, We’ll Lose the General Election.”.

• “Lately, when I meet with lawmakers, the main topic is real estate—and the core issue is that there’s no solution.”
• These were the words of a Democratic Party lawmaker interviewed by Chosun Ilbo. Another lawmaker said, “Those representing districts in the Han River Belt will be especially anxious.”
• A pro-Moon faction lawmaker remarked, “The president’s stance seems firm, but I’m worried because it feels misguided.” Another added, “Right now, the party is just watching the Blue House’s every word.”
• Ahn Cheol-soo (People Power Party lawmaker) posted on Facebook, “People aren’t struggling to buy homes because they can’t afford them—they can’t buy even if they want to because they can’t get loans.” He argued for raising loan limits.
• Related Link.

SK Hynix Q2 Earnings: Surprise or Shock?

• Results announced tomorrow, with forecasts already split between “earnings surprise” and “earnings shock.”
• FnGuide consensus estimates revenue of 8.42 trillion won and operating profit of 6.42 trillion won—an extraordinary leap, surpassing last year’s annual operating profit of 4.7 trillion won in a single quarter.
• The Hankyoreh noted that results could also fall short of expectations.
• Related Link.

SK Hynix’s U.S. ADS Costs More Than Its Korean Shares.

• SK Hynix’s American Depositary Shares (ADS) on Nasdaq currently trade about 500,000 won higher than its Korean-listed shares.
• Starting on the 29th, applications for mutual conversion between Korean shares and ADS will be accepted.
• SK Hynix’s ADS plummeted 7.5% to $143.00.
• Chris Lakin (head of iTrade’s investment division) noted, “The scale of AI investments continues to raise questions.”
• Related Link.

Sidecar Uselessness Debate.

• It has been triggered 41 times this year.
• It is a device to slow the speed at which sharp movements in the futures market shake the spot market. If futures prices rise or fall by more than 5% for one minute, program trading orders are suspended for five minutes.
• A asset management firm official said, “During the five minutes when the sidecar is activated, orders pile up and then flood in all at once after trading resumes, which can actually amplify volatility.”
• The U.S. introduced it in 1987 but abolished it in 1999. This was because its effect in mitigating market declines was not clear, and it was seen as potentially increasing transaction costs.
• Related Link.

The Fix.

4.5 Trillion Won in Renewable Energy Subsidies.

• Critics argue that expansion should not stop at subsidies but also invest in grid infrastructure.
• The social benefit per won of subsidies is 1.33 won for solar and 1.18 won for onshore wind—higher than costs but far below U.S. estimates (3.50 for solar, 5.21 for wind).
• KDI noted, “High generation costs are an issue, but structural constraints exist.” Grid expansion lags behind power facility growth, and flexible resources remain insufficient. Volatility in wholesale electricity prices (SMP) and Renewable Energy Certificates (REC) limits market growth.
• Jeong Seong-hoon (KDI Research Fellow) emphasized, “Subsidy systems must be designed efficiently and predictably, while resolving bottlenecks in power grids and financing.”
• Related Link.

Reducing Nasogastric Tube Insertions.

• 77,322 patients in nursing hospitals have died with nasogastric tubes.
• The government is considering removing nasogastric tubes from the criteria for determining “high-acuity patients” in nursing hospitals. There were criticisms that some institutions increased tube use to receive higher reimbursements. “High-acuity” patients receive 61,400 won per day, while “medium-acuity” patients receive 50,160 won—over 10,000 won less.
• Lee Hye-jin (professor at Seoul National University Bundang Hospital) stated, “Rather than indiscriminately recommending nasogastric tubes, there is a need to promote rehabilitation for chewing and swallowing functions.”
• Daily hospitalization fees will also be increased. The goal is to reduce unnecessary admissions and improve institutional focus on severe cases.
• Related Link.

ICYMI.

Heatwave Crisis at Critical Level.

• Temperatures will reach up to 38°C today. Milyang, Gyeongnam recorded 39.3°C yesterday.
• Heat-related illness patients have reached 302 over five days.
• Seoul City is making welfare and support workers call 50,000 vulnerable individuals—elderly living alone, disabled persons—to check on their well-being. It has decided to supply 100,000 bottles of iced water to rest areas for delivery and substitute drivers.
• Related Link.

‘In-Seoul’ but Struggling to Outearn Parents.

• Despite competition for top universities and a lack of quality jobs, young people continue to migrate to the capital region—but relocation no longer guarantees the prosperity it once did.”
• This is from the OECD’s Korea Economic Report. “While the capital region continues to attract population with quality jobs, superior education, healthcare, and transportation infrastructure, high housing costs, congestion, and environmental burdens are gradually offsetting these advantages and making family formation more difficult,” it noted.
• The proportion of median-income households in South Korea able to purchase a home in Seoul has fallen from 32% in 2012 to 7% last year.
• Related Link.

Human-Written Books Are the New Premium Product.

• Last year, the number of new books with ISBNs in the U.S. increased by about one-third. A significant portion are likely AI-written.
• How far should AI-generated text be allowed? Pan Macmillan (publisher) added a clause to its publishing contracts: “The author must guarantee that the work was written by a human.”
• Microcosm Publishing (publisher) insists, “Even proofreading for spelling or grammar is unacceptable.” “No content checks, fact-checking, or added citations. Because it would mean doing more than requested.”
• Can AI-generated text be distinguished? It’s easy to deceive, hard to detect. The American Writers’ Association noted that terminating contracts or halting sales based on AI detection results constitutes a major breach of contract.
• Nilanjana Roy (Financial Times columnist) pointed out, “Attempts to block AI literature are futile.”
• Tom Weldon (Penguin Random House CEO) stated, “While AI can greatly support creators, it must never replace a writer’s imagination, judgment, or life experience.”
• The U.S. Writers’ Guild introduced a certification mark for works written by humans. The “Human Authored” label can be placed on books, but its effectiveness is questionable.
• Related Link.

Earning 5 Million Won, Paying 2.3 Million in Loan Principal and Interest.

• This scenario assumes a median-income household purchasing a median-priced home under loan conditions set by the Korea Housing Finance Corporation.
• As of June, the median sales price for an apartment in Seoul is 1.04 billion won.
• Seoul’s Housing Affordability Index for the first quarter of this year is 179.3—a metric showing the principal-and-interest repayment burden for median-income households taking a standard loan to buy a median-priced home.
• Applying 25.7% to Seoul’s index value of 179.3 yields a principal-and-interest repayment ratio of 46.1% of income. For a household earning 5 million won monthly, this means approximately 2.304 million won would go toward loan repayments.
• World Ilbo analyzed, “If a median-income household in Seoul buys a median-priced home with a standard loan, nearly half their monthly salary would go toward debt repayment for 20 years.”
• Related Link.

Worth Reading.

Not Ideological Coordinates, but Coordinates of Daily Life.

• Lee Myung-bak (former president) became a presidential contender through the bus transfer system, just as Andy Burnham (UK prime minister) gained recognition for reforming the bus system as Manchester mayor. Eric Adams (New York mayor) emphasized “affordable” rent and utility costs.
• Yoo Jeong-hoon (lawyer) noted, “The outcome of elections is no longer determined by ideological coordinates, but by the coordinates of daily life.”
• “Most voters, especially the ‘moderate’ voters that all parties desperately court during elections, have long moved beyond such empty rhetoric, yet politics seems still clinging to it. In the meantime, people come to feel that politics is disconnected from their lives, and this is how cynicism toward democracy is born. When those in power try to cover this disconnection with even more divisive partisan language, politics drifts further away.”
• Related Link.

Why News and Editorials March to Different Drummers.

• Hankyoreh is strong on opinion. Yet its coverage of the supplementary investigation authority controversy was dry.
• Lee Jong-kyu (Hankyoreh Journalism Accountability Director) explained, “The principle is to report only verified facts in news articles, while reserving opinions for the dedicated opinion section.”
• The Hankyoreh Journalism Accountability Committee reportedly noted, “Even factual reporting requires a directional stance.” Lee emphasized, “Hankyoreh’s official position is consolidated in editorials.”
• Related Link.

What About the Lee Jae-myung Government’s Non-regular Worker Policies?

• Nam Woo-geun (director of the Korean Non-regular Workers’ Center) pointed out, “The focus is on improving non-regular workers’ conditions, but policies to prevent the overuse of non-regular workers—such as conversion to regular status—are missing.”
• “While there are tangible achievements like the implementation of the Yellow Envelope Law and the special inspection of fake 3.3 contracts, core policy tasks for non-regular workers—such as the ‘Basic Law for Working People’ and the worker presumption system—remain insufficient in effectiveness,” he assessed.
• Related Link.

Selling Weapons While Speaking of Peace.

• Kim Yeon-chul (former Unification Minister) emphasized, “We have a duty to verify whether the weapons we export are used in civil wars, human rights suppression, or the invasion of other countries.”
• “We do not deny the opportunities of arms exports. However, we must not forget the adage: consider justice before profit. We have experienced war and live under a divided system. Peace on the Korean Peninsula is not an abstract value. It is a long-held aspiration, affects daily life, and determines a sustainable future. I hope the world will remember South Korea not as a ‘country that sells weapons,’ but as a ‘country that builds peace.’”
• Related Link.

“At This Rate, We’ll All Perish.”.

• These are the words of Kim Bo-mi (former chair of Gangjin County Council), who was disqualified in the Democratic Party leadership race. Kim Min-ah (Khan Newspaper columnist) described Kim Bo-mi as a “canary in the coal mine” of the broader political spectrum.
• “Give young people microphones and power—it’s better for the community. The 86-generation politicians should reflect on themselves. Song Young-gil, Jeong Cheong-rae, and Kim Min-seok all became lawmakers in their 30s. If you could do it, why can’t today’s youth?”
• Related Link.