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.

Can the Market Be Defeated?

• Kim Yun-deok (Minister of Land, Infrastructure and Transport) answered, “Yes.”
• “As someone once said, if it were like stamping out bread, we could do it all night—but actual supply results take time to materialize visibly,” he said.
• “Defeating the market” was a phrase used by Lee Jae-myung (President). At his first-anniversary press conference, he stated, “There is no government that can defeat the market, but there is also no market that can defeat the government.”
• Kim Yun-deok emphasized, “The most important thing is to build as much as possible,” adding, “We must supply more housing in the capital region, even if it means lifting greenbelt restrictions.”
• “Someone from the past” refers to Kim Hyun-mi (then-Minister of Land, Infrastructure and Transport) during the Moon Jae-in administration.
• In an editorial, Chosun Ilbo criticized, “With memories of failure still fresh, they are trying to repeat the same wrong answers.”
• Related Link.
• Related Link.

What Matters Now.

Who’s to Blame for the President’s Slipping Approval Rating?

• Amid the final TV debate ahead of the Democratic Party’s national convention, the topic was the president’s approval rating.
• A Realmeter poll showed the president’s approval rating at 43.3%, dipping below the Democratic Party’s 44.6%. (In a Gallup Korea poll, the president’s rating remains higher.)
• Jeong Cheong-rae (former Democratic Party leader) claimed, “To boost the president’s approval rating, you need Jeong Cheong-rae,” adding, “Igniting the passion of core supporters could recover the rating to 60%.”
• Song Young-gil (former Democratic Party leader) dismissed this as “a quack doctor’s prescription,” arguing, “The decline happened because centrists drifted away—not because core supporters turned their backs.”
• Kim Min-seok (former Prime Minister) asserted, “It’s inappropriate to weaponize the leveraged ETF issue as excessive political ammunition.”
• When Kim Min-seok said, “If Jeong Cheong-rae leads the party, restoring government support will be difficult,” Jeong retorted, “I’d appreciate it if you’d show some decorum.”
• Related Link.

Kim Min-seok and Jeong Cheong-rae’s Grave-Digging War.

• Kim Min-seok attacked, “Jeong Cheong-rae ruined the 2022 election—why hasn’t he apologized? That’s the real betrayal.”
• Jeong Cheong-rae countered, “It seems you’re still traumatized by betraying and leaving Roh Moo-hyun (former president) in 2002.”
• Kim Min-seok retorted, “Prosecutorial reform becomes a flavorless bone broth if you stew it over three times—why keep bringing up betrayal?”
• Related Link.

Urban vs. Rural Divide.

• It’s a phrase meaning “Jeong Cheong-rae for cities, Kim Min-seok for rural areas.”
• A Democratic Party lawmaker supporting Jeong Cheong-rae said, “Most lawmakers back Kim Min-seok, so he’s at a disadvantage in rural areas where party machinery dominates.”
• Mega-projects also favor Kim Min-seok. He is intensifying attacks on the “Myeong-Cheong discord.”
• Jeong Cheong-rae is aiming for a comeback in the capital region. The JoongAng Ilbo assessed, “The key matchup is Kim Min-seok’s consolidation in the Honam region versus Jeong Cheong-rae’s bid to flip the capital region.”

Amending the Non-Resident Single-Homeowner Exemption.

• The revision was the cornerstone of the tax overhaul, but the government is backtracking amid public backlash.
• The non-resident exception originally required a one-year election residency, but critics argue it’s impractical. Some warn it could inadvertently signal tolerance for speculative “gap” investments. The patchwork follow-up measures are already drawing accusations of being rushed and incomplete.
• In a Democratic Party task force meeting, one member even remarked, “The government seems to be treating non-residency as a moral failing.”
• Song Young-gil (former Democratic Party leader) argued, “With an additional 50 trillion won in tax revenue, there’s no reason to cling to 1 trillion won.”
• According to the Korea Institute of Public Finance, 120,000 single-homeowners with assessed values under 700 million won will see their comprehensive real estate tax drop by an average of 420,000 won. 36,000 will be exempted entirely. For 28,000 owners above 700 million won, taxes will rise by 5.32 million won.
• Koo Yoon-cheol (Minister of Economy and Finance) stated, “We welcome any feedback during the legislative preview period,” adding, “We will revise, supplement, and actively incorporate suggestions.”

Deep Dive.

Narrow the Scope of Disputes, Lee Jae-myung Shakes the Yellow Envelope Law.

• Kim Young-hoon (Minister of Employment and Labor), who initially resisted President Lee Jae-myung’s directive, has agreed to review measures reflecting it in enforcement decrees. Criticism that this undermines the Yellow Envelope Law is inevitable.
• Lee Jae-myung’s concern is that it’s undesirable for unions to dispute matters like factory relocations or performance-based pay ratios—but critics argue this isn’t an issue to be resolved via enforcement decrees. The Yellow Envelope Law, a symbolic reform of Lee’s government alongside commercial law revisions, is being overshadowed by mega-projects. Even the 52-hour workweek regulation is at risk of collapse.
• Na Kyung-won (People Power Party lawmaker) argued, “Amending the Yellow Envelope Law itself is necessary, not subordinate statutes.”
• Kim Hee-sung (Kangwon National University professor) insisted, “The government should acknowledge the law’s inherent flaws and revise it now.”
• The Korean Confederation of Trade Unions (KCTU) issued a statement: “The government is hastily redefining administrative legislation based on specific cases from major corporations, issues that should be contentiously debated in labor-management relations.” It criticized the move as “appeasing business demands.”
• A labor law expert interviewed by Kyunghyang Shinmun emphasized, “The right to dispute is a constitutional right, and its restrictions must be by law. You cannot limit what the principal law doesn’t.” The expert added, “Lee Jae-myung, who criticized Yoon Suk-yeol’s enforcement decree governance, is now contradicting himself by using decrees to weaken the Yellow Envelope Law.”
• The Hankyoreh warned in an editorial, “If the government narrows dispute scopes via enforcement decrees despite controversy, labor groups may pursue disputes under the law’s original intent, while management cites decrees to label strikes illegal—sparking futile conflicts.”
• Related Link.
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• Related Link.

Youth Employment Falls by 191,000.

• Shocking results. Total employment rose by 108,000, but youth employment fell—marking 45 consecutive months of decline.
• Total unemployed: 776,000.
• Overall unemployment rose 0.2 percentage points, but youth unemployment surged 1.3 percentage points.
• Kim Tae-woong (Head of the Ministry of Economy and Finance’s Manpower Policy Division) said, “We are failing to provide enough jobs to meet demand.”
• Combined, 2030s “resting,” job-seeking, and unemployed populations total 1.7 million.
• Manufacturing jobs fell by 68,000—25 consecutive months of decline. Construction jobs have dropped for 27 straight months.
• Related Link.

Seven Seeds After Semiconductors.

• 7 Strategic Seed Projects were unveiled. SEED stands for ‘Strategic Emerging Engines for Disruptive innovation’—a term meaning “strategic engines for disruptive innovation.”
• Secure a 100-qubit quantum processing unit (QPU) by 2029.
• Launch a lunar orbit communication satellite in 2029 and a lunar lander in 2030.
• Become the global leader in quantum chip manufacturing by 2035.
• Other selected projects include commercializing perovskite tandem cells (stacked solar cells) and expanding recycling rates for 10 critical minerals.

Another Take.

Fabs in Three Years, Power Grids in Thirteen.

• JoongAng Ilbo pointed out, “Completion targets have outpaced infrastructure planning.”
• Kim Jeong-gwan (Minister of Trade, Industry and Energy) said, “I think 2029 is too slow” and “If we don’t, we’ll lose semiconductor competitiveness,” but power grid issues remain.
• When Choi Soo-jin (People Power Party lawmaker) asked, “Is there any precedent for constructing this quickly while satisfying resident opposition or environmental factors?” Moon Sin-hak (Vice Minister of Trade, Industry and Energy) meaningfully replied, “The government’s position is to complete, via fast-tracking, what has never been done before.”
• Kim Sung-hwan (Minister of Climate and Environment) said, “For areas near villages, we’ll minimize resident damage by undergrounding lines even if costs rise.” Undergrounding 345kV power lines costs nearly eight times more than overhead installation.
• Related Link.
• Related Link.
• Related Link.

Fire Trucks Watering Rice Fields.

• 200 fire department water tankers were mobilized.
• 4,769 tons of agricultural water were sprayed over 653 operations—but it’s nowhere near enough to quench the drought.
• The average water retention rate of agricultural reservoirs in Gyeongnam is 32.8%—less than half the typical 70.9%.
• Last month’s rainfall in Gyeongnam was 73.4mm, just 23% of the average. It’s the lowest July total since weather records began in 1973. Miryang has seen only 29.4mm of cumulative rainfall this year.
• Related Link.

529 Judges Faced with Distortion of Justice Charges.

• There are 3,248 judges in total. Since the implementation of the Distortion of Justice Act, one in six has been reported—680 cases over four months.
• Cho Hee-dae (Chief Justice of the Supreme Court) was the first to be reported under the law. He was accused for overturning the ruling on Lee Jae-myung (President)’s violation of the Public Officials Election Act, but the case was dismissed at the police stage.
• Kim Sang-yeon (Seoul Eastern District Court’s presiding judge) was reported by shareholders after acquitting Kang Young-kwon (former Edison Motors CEO) on some charges in the first trial.
• Ji Gwi-yeon (Seoul Northern District Court’s presiding judge) was reported for canceling the detention of Yoon Suk-yeol (former President).

The Fix.

“Walk from the Entrance.”.

• More apartment complexes are blocking delivery motorcycles from entering. One rider said, “In 15 minutes round-trip, I could deliver to two more places.” It’s hard to refuse because acceptance rates determine rankings.
• A Namyangju apartment has delivery riders bring packages to the entrance, with internal delivery handled by separate staff. The cost is split.
• A Sejong City apartment has electric carts for in-complex deliveries.
• An Incheon apartment introduced a “silver delivery” system linked to senior job programs.
• Related Link.

A Nudge Can Pack a Punch.

• Simply showing neighbors’ electricity usage can cut consumption by 4–7%, but to achieve a 4% reduction via taxes, rates must rise by 11%.
• Replacing nudges with taxes would require 28% higher tobacco prices and 34% pricier alcohol.
• Timely reminders for flu vaccines outperform free shots.
• While nudges dominate in cost-effectiveness (small spending, big impact), “total utility” favors taxes, subsidies, and regulations.
• The advice: use nudges when budgets are the bottleneck, but if political capital or legislative agendas are stuck, pair them with a few traditional reforms.
• Related Link.

ICYMI.

AI That Does the Studying for You.

• “Log in and solve the quiz for me” — such commands can be given. It can attend online lectures, write reports, and even substitute in discussions.
• Detection is possible, but disciplinary action is not easy. Many reports are suspected of being AI-written, but failing students outright without proof is not feasible.
• Jordan Kanzonetta (Loyola University professor) said, “The hardest part is convincing students they themselves possess writing skills.”
• Related Link.

Francesca Hong Falls Short in Wisconsin Governor Primary.

• She secured 39.4% in the Democratic primary, losing to David Crowley (Milwaukee County Executive) by 0.4 percentage points.
• The narrow defeat was fueled by traditional Democratic voters rallying against Francesca Hong (Wisconsin State Representative)’s hardline rhetoric as a Democratic Socialists of America (DSA) member.

Platform Riders: 53 Million in China.

• Taxi drivers at Chengdu Tianfu Airport wait 10 hours for a passenger. At Shanghai Pudong Airport, it’s 7 hours. The saying goes, “People used to wait for cars, now cars wait for people.”
• Combined food delivery and ride-hail workers total 53 million. Once called a “massive buffer for the labor market,” the sector has reached saturation.
• Labor demand is shrinking faster than labor supply. Flexible employment grew from 200 million in 2021 to 320 million this year.
• Related Link.

Average Monthly Rent for One-Room Units Hits 625,000 Won.

• Up 7.7% from a year ago.
• A real estate agent near Seoul National University Station said, “Out of 100 contracts, maybe one is a jeonse lease.”
• Ma Kang-rae (Chung-Ang University professor) emphasized, “Public rental housing must be expanded rapidly to restore the housing ladder.”

Samsung Electronics and LX Semicon Rebound as Foreign Investors Return.

• They rose 6.7% and 5.5%, respectively.
• The surge in CoreWeave shares on the US stock market stimulated investor sentiment. Yesterday, it jumped 19.2%.
• Yesterday, the S&P 500, Dow, and Nasdaq indices recorded gains of 0.26%, -0.04%, and 0.54%, respectively.

Leveraged ETFs in a Corrective Phase.

• Securities firms pocketed 89.3 billion won in fees. Thirty-six firms averaged 24.8 billion won each.
• Lee Chan-jin (Financial Supervisory Service Governor) said, “The concern that, like a casino where the house always wins, players gain nothing while only the system operating the market profits, has materialized.”
• The Korea Financial Investment Association earned 3.2 billion won from mandatory pre-trade education fees, with 1.16 million participants.
• After tightening requirements for leveraged ETFs, volatility has somewhat decreased. The KOSPI volatility index spiked to 84.4 on the 31st of last month but fell to 61.7 on the 12th.
• ETF trading volumes have sharply declined, as has their share in underlying physical assets. SK Hynix’s share dropped from 57% to 10%.
• Related Link.
• Related Link.
• Related Link.

Korea Electric Power’s Operating Profit Halved.

• Driven by rising oil prices and exchange rates. Second-quarter operating profit fell to 1.1 trillion won from last year.
• Fuel procurement costs reached 10.1 trillion won, up 0.8 trillion won from a year ago.
• KEPCO’s debt stood at 210.7 trillion won as of end-June. Interest costs alone amount to 11.5 billion won per day.
• Related Link.

Worth Reading.

“What Am I Supposed to Do?”.

• Kyunghyang Shinmun editorialized, “It’s regrettable that there’s no ‘policy leadership’ to mediate opinions and resolve issues smoothly.”
• Controversy arose over Lee Jae-myung (President)’s remarks at the State Council meeting: “Go forward and it’s wrong, go back and it’s wrong, stand still and it’s wrong—what am I supposed to do?” and “Anyone who touches taxes is bound to be criticized, so just grovel.”
• Critics argue message management is needed.
• While live-streaming the State Council has merits, it risks becoming a performative stage overly conscious of the audience. When handling conflicts or addressing failures, perhaps an off-camera setting is necessary.
• Related Link.

Psychological Inverse: Denial of Error and the Wish for National Ruin.

• Kim Nae-hoon (writer) defined this phenomenon as a “psychological inverse investment.”
• “They rage, mourn, and feel wronged in situations where most would rejoice, and cheer in situations where most are sad or struggling.” Even those shouting, “This will turn into Venezuela,” may be in this state of mind.
• When Yoo Si-min (writer) said, “The Lee Jae-myung government is inevitably heading toward failure,” it may have been well-intentioned, but Kim Nae-hoon observed, “There’s a risk of unconsciously falling into the trap of waiting for a moment to prove one’s own correctness, even if it’s just human nature.”
• “I’ve seen countless cases where people forget their initial concern for the future, stubbornly denigrate others to avoid admitting their own misjudgment, and eventually sabotage to fulfill their own prophecies. I hope my concerns are wrong.”
• Related Link.

What Was Needed Was Not Leverage, but a Financial Transaction Tax.

• “Once broken, trust is not easily restored. The money lost by retail investors in a crash also does not return. Their resentment will long be directed at the government.”
• Ahn Seon-hee (Hankyoreh Editorial Director) pointed out, “A ‘rising stock market’ cannot be a national policy goal.”
• How should we view a situation where the government strengthens real estate capital gains taxes while turning a blind eye to stock capital gains that are entirely tax-free?
• Ahn Seon-hee emphasized, “The government’s foremost task is to guide the market so that people can secure a fair level of labor income, and to collect taxes fairly to reduce the inevitable gaps in the primary market distribution and redistribute them.”
• Related Link.