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.

“Shall We Do a Roundhouse Kick?”.

• Seo Beom-su (People Power Party lawmaker) said this at a debate on supplementary investigative authority. Jin Jong-oh (People Power Party lawmaker) remarked, “I’m better with my hands than my feet.”
• Kim Jin-ju (pseudonym), the victim in the roundhouse kick case, has long argued that abolishing supplementary investigative authority would leave victims unprotected. The incident, initially treated as simple assault, was later revealed to involve a sexual assault motive.
• Seo and Jin joked about the roundhouse kick in Kim’s presence.
• Coincidentally, the debate’s title was “Abolishing Supplementary Investigative Authority: The Gates of Hell Have Opened.”
• As backlash grew, Seo stated, “I will offer no excuses—this is entirely my fault.”
• Related Link.

“The Very Title ‘Investigator’ Grates.”.

• There are 396 at the main headquarters and 2,478 across six regional offices. The Seoul Central District Prosecutors’ Office has 1,089.
• Prosecutors transferring to the Central District will be given investigator ranks: Grade 4 or higher for under 10 years of service, Grade 3 for 10+ years. Chief prosecutors become Grade 1, deputy chiefs and section chiefs become Grade 2.
• The demand is high for mid-level prosecutors (6–10 years’ experience) who act as primary investigators, not just department heads. Currently, new prosecutors start at Grade 3, so downgrading ranks sparks backlash.
• A prosecutor interviewed by Kyunghyang Shinmun said, “Leaving the prosecution is psychologically jarring, but explicitly lowering ranks removes any incentive to apply.”
• Another deputy chief prosecutor stated, “The term ‘investigator’ itself is objectionable.” A prosecutor added, “Feeling disrespected by police-turned-supervisors will be awkward.”
• A prosecutor interviewed by The Hankyoreh said, “There’s also fear it could vanish with a new administration.” A section chief remarked, “Few genuinely want to become investigators.”
• The Central District handles six major crime types: corruption, economic, defense procurement, narcotics, national security (sedition/espionage), and cybercrimes—as well as judicial obstruction and supplementary investigations into cases initially handled by other agencies.
• Related Link.
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What Matters Now.

Supplementary Investigative Authority Repeal Passes Cabinet Without Veto.

• “The exercise of a veto is not merely about differing opinions. It is difficult to regard this legislation as so severe as to warrant denying the National Assembly’s legislative authority—such as constitutional violations, unenforceability, harm to national interests, or infringement on the executive branch’s exclusive powers.”
• These were the words of Lee Jae-myung (President) ahead of the Criminal Procedure Act amendment’s processing.
• He emphasized, “This marks the first step in normalizing an abnormal criminal justice system.”
• The Hankyoreh editorial noted, “The police, now monopolizing investigative authority, must bear even greater responsibility.”
• The Kyunghyang Shinmun editorial warned, “Responsibility will fall on the president and the Democratic Party.” Remaining tasks include establishing guidelines to prevent case concealment, strengthening oversight, and expanding victim participation rights.
• Jeong Jeom-sik (People Power Party floor leader) stated, “They sold public safety for post-retirement security.”
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Expanded Police Powers, But Can They Be Held Accountable?

• These were the words of Lee Jae-myung (President).
• “With the police gaining such immense authority, one cannot help but worry whether they will be entirely trustworthy moving forward,” he said.
• “I still lack confidence in the police’s seriousness toward investigative duties. Even as a lawyer for decades, I found investigations by not only prosecutors but also the police hard to trust.”
• Lee had previously argued that supplementary investigative authority should be retained in limited form, but it was abolished under the leadership of the Democratic Party’s hardliners.
• The JoongAng Ilbo noted, “It is hard to shake the impression that legislative authority was prioritized over public opposition.”
• Related Link.

7.5-Hour Marathon Meeting’s Core Topic: Real Estate.

• He reportedly instructed to increase housing supply as quickly and abundantly as possible.
• “Urged to devise supply measures by wringing out even a dry towel,” but apartments cannot be produced like bread.
• During the Moon Jae-in administration, Kim Hyun-mi (then Minister of Land, Infrastructure and Transport) once remarked, “If apartments were bread, I would work through the night to make them.”
• In an NBS survey last month 30, 56% responded that real estate policies were being mishandled—significantly ahead of the 33% who said they were being handled well.
• Seoul apartment sale prices have risen for 77 consecutive weeks.
• Related Link.

Taereung and Gwacheon Racecourse Projects Stalled.

• Despite announcing the largest-ever supply plan in January, progress remains sluggish.
• The Korea Racing Authority is demanding 2.4 trillion won in relocation costs for the Gwacheon Racecourse.
• Construction at the Taereung Golf Course is not slated to begin until 2029.

Jeju Island Experiences 28 Consecutive Tropical Nights.

• Rising sea surface temperatures are trapping heat near the surface, acting like a blanket of moisture.
• Seoul and Incheon have also recorded 13 consecutive tropical nights.
• Forecasts suggest Typhoon Dolphin may bring additional heat.
• The Korea Meteorological Administration (KMA) has issued severe heatwave warnings for Seoul, the metropolitan area, Jeollanam-do, and Jeollabuk-do. Yesterday, Gangnam in Seoul reached 39.2°C.
• Woo Jin-kyu (KMA spokesperson) stated, “A vicious cycle is repeating where heatwaves and tropical nights are fueling each other.”
• This year, heat-related illness patients have reached 2,221, with 19 estimated deaths. Those aged 65+ account for 34%.
• Related Link.
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Income Tax Caps at 49.5%, but What If You Make 10 Billion Won from Real Estate?

• “The tax is only a few hundred million won.” Controversy rages over Lee Jae-myung (President)’s remark.
• Buying a house for 2 billion won and selling it for 12 billion won—a 10 billion won profit—would incur roughly 800 million won in capital gains tax if eligible for the long-term residence exemption. This applies to single-homeowners who have lived in the property for over a decade.
• There were 18 such cases exceeding 10 billion won this year. Chosun Ilbo noted these were exceptional, isolated instances.
• Critics argue that income tax is based on annual earnings, while real estate capital gains are levied on accumulated profits, making direct comparisons difficult.
• Chosun Ilbo remarked, “It seems like a divide-and-conquer strategy targeting a tiny fraction of the ultra-wealthy.” The assessment added, “The government itself knows that increasing housing supply is the only solution, but it appears to have no concrete alternatives.”
• Related Link.

Tax Hikes Without Supply Could Worsen Lease and Rent Burdens.

• JoongAng Ilbo warned in an editorial, “Gangnam and the Han River Belt will transform into special zones only for the cash-rich.” “Raising taxes and restricting finance while expecting transactions to increase is unrealistic,” it added.
• Chosun Ilbo criticized, “Attempting to control housing prices may end up only trapping renters.”
• KyeongHyang Shinmun emphasized, “The government must comprehensively reassess its housing welfare roadmap and propose inclusive, practical measures.” “Expanding public rental housing is essential, but revitalizing the private rental market should also be actively considered,” it argued.
• Oh Se-hoon (Seoul Mayor) cautioned, “The greatest harm will fall not on homeowners but on ordinary citizens and youth struggling to secure jeonse or monthly rentals.”
• Ahn Hye-ri (JoongAng Ilbo columnist) asserted, “The public has always punished administrations that toyed with taxes and ruined the real estate market.”
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Deep Dive.

Are Tenants Invisible?

• Choi Eun-young (Director of the Korea Urban Research Institute) pointed out, “The government doesn’t just lack tenant policies—it has none at all.”
• Chae Sang-wook (CEO of Connected Ground) stated, “Tenants are treated like invisible people.”
• Seoul’s monthly rent ratio is 54.8%, with average monthly rent exceeding 1.59 million won.
• Ko Joon-seok (Professor at Yonsei University’s Sangnam Business Institute) said, “Government policies target multi-homeowner landlords, but ultimately, the biggest victims could be homeless tenants.”
• Related Link.

Why the U.S. Is Propping Up the Yen.

• Washington is buying yen, selling euros to do so—propping up the currency for the first time since the 1998 Asian financial crisis.
• The yen-dollar rate, which hit 164 yen, has fallen to 155 yen.
• As Japan raises interest rates, its financial institutions are dumping U.S. Treasuries. With the yen’s decline persisting, Tokyo is also selling U.S. debt to defend its currency.
• Japan holds $1.1 trillion in U.S. Treasuries. For Washington, propping up the yen helps keep U.S. Treasury yields in check—a priority amid midterm elections and the need to manage mortgage rates.
• Edwin Truman (former U.S. Treasury undersecretary) called the euro-selling approach “weird,” arguing direct dollar sales would be more effective. Robin Brooks (Brookings senior fellow) noted, “Foreign exchange intervention is a confidence game,” adding yen weakness stems not from speculators but Japan’s excessive public debt.
• Kenneth Rogoff (Harvard professor) warned, “Unless the U.S. Treasury plans to hold yen long-term, this is just a bandage buying Tokyo time.”
• Trump quipped, “Japan has been very good to us—except for Pearl Harbor.” Asked what Washington gains, he said, “There’s financial benefit and it’s good for the global economy.”
• Dhruv Singh (PGIM economist) cautioned, “Failed intervention could impact long-term Treasuries—strap in.” Nigel Green (deVere Group CEO) called it “a sign of stress building beneath the global financial system.”
• Will it work? The Wall Street Journal noted, “FX interventions without monetary or fiscal policy backing often lose steam within weeks.”
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Another Take.

Amazon Soars, Alphabet Slumps.

• Cloud performance is strong. Microsoft and Amazon surged over 15% the day after earnings reports.
• Alphabet and Meta remain sluggish as their cash flows turned negative. Apple briefly reclaimed the top market cap spot before dropping to third.
• Follow the money: service providers are funneling funds into cloud infrastructure. Concerns linger about sustained investment, but revenue is already flowing from the sector.
• U.S. markets rallied yesterday. The S&P 500, Dow, and Nasdaq rose 1.79%, 1.71%, and 2.59% respectively.

From Tokenmaxxing to Tokenmining.

• There was a belief that employees who used tokens heavily were high performers—but that changed after seeing the bills.
• We’ve moved from the era of tokenmaxxing (“use tokens freely”) to one where frugality is competitive: tokenmining and the age of tokenomics.
• Prices are opaque, and there’s no agreed standard for what constitutes reasonable token usage. It’s a “buyer beware” market, with calls for common metrics.
• When ChatGPT first launched, token costs felt like spare change under a couch cushion. But after licensing software and cutting freelancers for web dev and copywriting, token expenses ballooned to match labor costs. Some predict tokens could eventually claim a quarter of corporate operating budgets.
• A new metric—“bionic head count”—has emerged. It divides AI spending by average labor costs to calculate virtual staffing levels. Discussions now include requiring job descriptions to “hire” AI agents.
• Related Link.

Lee Jae-myung Has Staked His Political Fate on the Kospi.

• Financial Times’ analysis. Lee Jae-myung (President) pledged Kospi 5,000 and pushed for a “money move.” Single-stock leveraged ETFs are widely assessed as tools introduced to boost stock prices.
• The Financial Times quoted a financial sector insider: “Investment responsibility lies with individuals, but the government isn’t entirely blameless.” It also featured a retail investor’s account: “I won’t support the Democratic Party in the next election.”
• Approximately 15 million Koreans—one-third of the population—are stock investors. Shin Yul (Professor at Myongji University) forecasted, “Retail investors’ anger could make a ruling party victory difficult.”
• Related Link.

Pro-Lee vs. Pro-Jeong Psychological Divide.

• Kim Min-seok (former Prime Minister) pleaded, “If the president and government falter now, it will be truly difficult.”
• Kim Min-seok and Jeong Cheong-rae (former Democratic Party leader) are currently in a mutual lawsuit-counterlawsuit situation.
• Jeong Cheong-rae stated, “If I become party leader, I will order an investigation into Kim Min-seok.” Kim Min-seok responded, “I will file lawsuits against anyone who engages in factional misconduct.”
• Related Link.

No Mention of Term Extension Amendment.

• One Democratic Party lawmaker met by Kyunghyang Shinmun said, “The president should personally clarify, ‘There will be no term extension for me.’”
• The Blue House maintains that Chief of Staff Kang Hoon-sik’s remarks suffice. Kyunghyang Shinmun interpreted, “This silence may be a deliberate choice.”

The Fix.

Semiconductors Can’t Run on Renewables? That’s a Lie.

• Here are four claims that are either false or only half-true.
• Claim 1: Semiconductor fabs must run 24/7, so they can’t operate on intermittent renewables.
• This is really stupid. Electricity isn’t received by simply plugging into a power plant.
• The grid is like a shared reservoir. Multiple power plants pour water (electricity) into it, and users draw from it as needed. The key is maintaining a constant water level (frequency). Whether the water (electricity) poured into the reservoir (grid) comes from solar, nuclear, or LNG, grid-level solutions ensure stability.
• Renewables’ intermittency can be managed with battery storage or supplemented by flexible resources like excess LNG power.
• Claim 2: High renewable energy share causes frequent blackouts, making stable power supply impossible.
• Don’t confuse renewables’ intermittency with grid management issues. Blackouts occur not only when supply is insufficient but also when voltage and frequency balance collapses.
• The 2025 Spain-Portugal blackout was due to voltage control failure and cascading generator protection failures—grid management problems. The 2021 Texas blackout happened because natural gas infrastructure froze, and the 2021 Taiwan blackout was caused by a substation operation error. The 2016 Australia blackout resulted from transmission tower damage but was also a grid management issue. No blackout has been conclusively linked to high renewable energy share.
• Claim 3: Overseas semiconductor plants can’t run on renewables?
• Major semiconductor and hyperscaler companies have already achieved or are on track to reach 90–100% renewable energy procurement.
• TSMC signed a 30-year exclusive wind power contract. Intel achieved 100% renewable energy in 2012. TSMC’s Phoenix, Arizona fab meets 100% renewable energy standards.
• Claim 4: South Korea lacks affordable renewable energy?
• It’s true that costs are high, but the gap is narrowing fast. The issue isn’t scarcity but political will and speed.
• According to the Korea Energy Agency, South Korea’s technical solar potential is 3,117 TWh annually—over five times the 2023 total electricity consumption (588 TWh).
• The first basic renewable energy plan targets reducing solar power costs to below 80 won/kWh (nuclear level) by 2035. As industrial electricity rates rise, renewable PPA prices are now comparable or even lower.
• Related Link.

Splitting Industrial Electricity Rates into Four Tiers.

• Freeze rates in the capital region and lower them in other areas.
• Kim Seong-hwan (Minister of Climate, Energy, and Environment) said, “We failed to adequately anticipate the surge in AI-driven power demand” and “may fall short of the 2035 national greenhouse gas reduction target.”
• Nuclear power and SMRs will be subject to public deliberation.
• The 12th Basic Plan for Electricity aims to release a draft in September–October and finalize it before the December National Assembly session.

Acquittal in 36-Week Pregnancy Termination Case.

• Prosecuted on charges of murder.
• Though the Constitutional Court ruled in 2019 that abortion criminalization was unconstitutional, legislative gaps persist.
• The first trial acknowledged indirect intent and sentenced to three years in prison, suspended for five. The appellate court, however, ruled not guilty, stating the medical staff could not have foreseen the live birth of the fetus.
• Na Young (SHARE representative) said, “The government promotes ‘protected childbirth’ policies while effectively abandoning pregnancy termination systems.”
• Related Link.

ICYMI.

Visiting Committee Chair Kang Hyung-chul.

• Korea Broadcasting Culture Development Foundation (KBCDF), MBC’s majority shareholder, has a structure where its Visiting Committee appoints the MBC president. Yesterday, the Visiting Committee elected Kang Hyung-chul (Sookmyung Women’s University professor) as its chair.
• The committee immediately initiated the MBC president selection process. The schedule is as follows: Candidate applications begin August 24, followed by committee interviews on September 4, public recommendation committee reviews on September 12, and final interviews on September 18.

Internal Combustion Engine Vehicles at 42%.

• This is the first-half 2024 new vehicle registration status. Of 850,000 units, 200,000 were electric and 290,000 hybrid.
• Imported vehicles surged 30% to 190,000 units.
• A Korea Automobile Mobility Industry Association (KAMA) official said, “While Chinese electric vehicle imports have positive aspects like price reductions, they also shrink domestic manufacturing bases” and “measures to secure price competitiveness for domestic vehicles and protect the ecosystem are needed.”
• Related Link.

Twosome Place Catches Up to Starbucks.

• Twosome Place’s estimated transaction amount last month was 117.1 billion won, while Starbucks trailed at 110.1 billion won.
• In May, when the ‘Tank Day’ controversy occurred, the figures were 123.7 billion won and 121.2 billion won, respectively. Twosome Place has led for three consecutive months.
• An industry insider interviewed by The Hankyoreh said, “As the controversy subsides, Starbucks’ sales among general consumers seem to be gradually recovering, but it will likely take time for sales from Starbucks gift cards used as promotional items by institutions to rebound.”
• Related Link.

7,200 Seoul Real Estate Agencies Shuttered.

• Three-year statistics. The trend shifts to online direct transactions.
• From 43,792 agencies in Q1 2023 to 36,545 in Q1 2024. First-time real estate agent exam applicants dropped to 80,387—the lowest in 11 years.
• The shift to online platforms continues. Karrot Market’s completed real estate transactions rose from 268 in 2021 to 59,451 in 2024.
• Cho Joo-hyun (Konkuk University professor) said, “Whereas real estate agents once merely introduced sellers and buyers, today’s service demands include property analysis, risk verification, and transaction guarantees” and “As AI-driven direct real estate transactions increase, agents must enhance credibility and expand services to remain viable choices for consumers.”
• Related Link.

Worth Reading.

No Success for All.

• Shin Jin-uk (Chung-Ang University professor) emphasized, “In an era of upheaval and uncertainty, the task of politics is not to rush headlong into a speed war, but to act as a counterweight.”
• South Korea’s non-regular worker ratio is 38.2%, the average age of leaving one’s lifelong workplace is 50.5, and life expectancy is 84.
• Shin Jin-uk explained, “In this reality, the boundary between ‘desire’ and ‘necessity’ becomes blurred,” adding, “Since people cannot precisely calculate how severe future issues like illness, accidents, unemployment, retirement, and care will be, they try to ‘save as much as possible when they can.’”
• The top 10% of individual investors hold 84% of stock assets—a reminder that stocks are no more egalitarian than housing.
• “Tax revenue should be reinvested in society, corporate support should translate into employment, wages, and regional investment, and gaps in income and occupational shifts during industrial transitions must be addressed. Many people must become stakeholders in this process. Only then can society regain its vitality.”
• Related Link.

Why Do We Remember Clear Days So Long?

• Clear, pleasant days account for only 30–40 days a year.
• Human memory is not an accounting ledger that records objective figures; we do not remember past experiences by arithmetically summing them. Lee Yoon-hak (CEO of Prism Investment Advisory) noted, “Memory is not a ledger of life, but closer to a film edited around peaks and endings.”
• It is for this reason that the rational proposition “stocks rise in the long term” degenerates into the dangerous delusion “stocks always rise.”
• “The market forgets past failures with astonishing speed. Every time bubbles burst, people vow never to repeat the same mistake, but over time, past lessons are dismissed as outdated thinking. And in the next bull market, past speculation returns under the name of ‘new innovation.’ (Omitted) A great investor is someone who, even on clear days, knows that the weather will eventually change.”
• Related Link.