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.

The Democratic Party’s Leader: Kim Min-seok.

Kim Min-seok (former Prime Minister) won yesterday’s Democratic Party convention with 54% of the vote. Jeong Cheong-rae (former Democratic Party leader) received 46%.
No candidate secured a majority in the first count, so the 3rd-place finisher Song Young-gil (former Democratic Party leader)’s votes were redistributed.
The gap between Kim Min-seok and Jeong Cheong-rae in the party member vote was 65,000 votes. Since Jeong Cheong-rae trailed by 60,000 votes in the Honam region, the outcome was decided there.
Chosun Ilbo assessed, “Honam, home to a 800 trillion won mega-project, made Kim Min-seok its leader.”
After shifting to ranked-choice voting, Song Young-gil’s 67,000 votes were split, with 47,000 going to Kim Min-seok and 20,000 to Jeong Cheong-rae.
Polls had shown Jeong Cheong-rae slightly ahead. Reversing the 30% conversion rate, he received around 5,000 more votes.
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Choi Min-hee Tops Supreme Council Race.

Choi Min-hee (Democratic Party lawmaker) was elected first. Three of the five winners—including Lee Seong-yoon (Democratic Party lawmaker) and Han Min-su (Democratic Party lawmaker)—are pro-Cheong.
Kim Yong (former Democratic Research Institute deputy director), a key ally of Lee Jae-myung (president), failed to secure a seat. Kim ranked first in the delegate vote but last in the public opinion poll.
Since the party leader can appoint two members, six of the nine total seats can now be filled with pro-Lee loyalists.
The Kyunghyang Shinmun assessed, “The party leader’s ‘handpicked candidate’ effect was significant, but the Supreme Council election also shows considerable intra-party support for Jeong Cheong-rae.”
While Kim Min-seok raised his arms in victory, Choi Min-hee and Park Seon-won (Democratic Party lawmaker) notably avoided shaking hands.
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“Party-Government Relations: Horizontal.”.

Kim Min-seok’s words during his victory speech. “I will work for the success of Lee Jae-myung (president) and the People’s Sovereignty Government,” he said.
He introduced the ABC plan, combining Affordability (民生) politics, Broad (擴張) politics, and Competence (有能) politics.
“If prosecutorial manipulation in indictments is clear, withdrawal of charges should be the principle,” he stated, and on real estate tax reform, he called it “de facto tax hikes” requiring adjustments.
The front-page headlines reveal the significance of Kim Min-seok’s election. Kyunghyang Shinmun: “Sought party-government communication.” Hankyoreh: “A party responsible for people’s lives.” Chosun Ilbo: “Hopes for Lee Jae-myung government’s success.” Hankook Ilbo: “Party sentiment chose party-government unity.”
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“Jeong Cheong-rae Lost.”.

Jeong Cheong-rae’s words to reporters. He did not hide the fact that this election was a contest between pro-Lee and pro-Cheong factions.
“An organization cannot overcome the wind, but this time the organization may have been too strong,” he said.
A Democratic Party lawmaker interviewed by JoongAng Ilbo assessed, “He raised his weight class to presidential contender level by standing equal against a candidate backed by the full support of the president and lawmakers.”
There are also observations that “the timing of Jeong Cheong-rae’s rise coincides with the moment the Kim Min-seok leadership faces crisis.”
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“Kim Min-seok’s Victory Is Lee Jae-myung’s Victory.”.

Cheong Wa Dae is relieved. According to Chosun Ilbo, there were concerns that “if Jeong Cheong-rae had won, the Lee Jae-myung government would have lost its momentum for governance from the start.”
Speculation also arises that a mid-scale cabinet reshuffle replacing 7–10 ministers is coming.
The People Power Party is uneasy. A PPP lawmaker interviewed by Kyunghyang Shinmun said, “We thought it would be advantageous if Jeong Cheong-rae won, as it would create party-government conflicts, but we were also worried that the Jang Dong-hyeok leadership might solidify further due to spillover effects. ‘A Kim Min-seok system is better,’” he added.
Another PPP lawmaker remarked, “Kim Min-seok will also fail to resolve real estate and stock market issues while singing only the ‘Lee Jae-myung Dragon Ascends’ anthem.” Observations also suggest, “With Lee Jae-myung and Kim Min-seok now coupled, it will be easier to attack the government and ruling party.”
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Will It Serve as a Red Team?

Chosun Ilbo assessed, “From the public’s perspective, they slandered each other as if they would never see each other again, despite being largely indistinguishable forces.”
The issue of indictment withdrawals remains contentious. Chosun Ilbo noted, “They must not become mere rubber stamps for the president or be swayed by a minority of hardline party members.”
A Democratic Party lawmaker interviewed by The Hankyoreh stated, “Pushing for a special prosecution bill—including provisions for indictment withdrawals—will be a legislative task that determines the regime’s fate.”
Kyeongyang Shinmun emphasized, “It is also undesirable for the president to appear to directly control the ruling party,” adding, “The party must closely support the president’s governance while still speaking its mind.”
JoongAng Ilbo analyzed, “The ruling party has been tasked with simultaneously forming a unified team with the government and acting as a red team.”
The possibility of a split is also being discussed. After Moon Jae-in (former president) narrowly defeated Park Ji-won (Democratic Party lawmaker) by 3.5 percentage points in the 2015 Democratic Party convention, the party split within a year.
In an editorial, The Hankyoreh warned, “Blind party-government alignment is as dangerous as discord between them.”
A video message from Moon Jae-in (former president) also drew attention. He urged, “Competition must not divide the party.”
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What Matters Now.

A Rainfall Unseen in 200 Years.

In Geoje, 124.5mm of rain poured in one hour. Daily rainfall reached 577.4mm, and 927.7mm fell over three days.
This was not rain brought by a typhoon. A narrow moisture corridor formed between a low-pressure system that had degenerated from Typhoon No. 13 Dolphin and a high-pressure system to the northeast, and strong southerly winds through this corridor caused rainfall to surge to record levels.
Kim Seung-bae (Director of the Korea Natural Disaster Association) stated, “Extreme weather phenomena, such as alternating heatwaves and heavy rains, will become more frequent in the future,” and emphasized, “We need a system capable of responding to complex disasters that goes beyond past standards.”
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The Formula Has Broken.

Beware the trap of averages. Droughts and heavy rains are likely to recur.
Kuk Jong-seong (Seoul National University professor) emphasized, “We must not limit ourselves to short-term forecasts but integrate seasonal predictions and climate projections spanning decades, analyzing regional rainfall amounts, rainy days, heavy rain intensity, and soil moisture changes together.”
According to the IPCC 6th Assessment Report, the intensity of heavy rainfall increases by 7% for every 1°C rise in global temperature. If global temperatures rise by 4°C, the probability of heavy rainfall events that occur once every 50 years triples.
Yoo Sang-yeop (Ewha Womans University professor) stated, “It’s no longer unusual for extreme heavy rain to strike at any time.” Last year, 15 extreme heavy rain events exceeding 100mm per hour occurred, 12 of which happened after the monsoon season.
Related Link.

Not Over-forecasting, But Under-forecasting.

There had been criticism that the KMA’s disaster alert messages exaggerated risks, but this time, they significantly underestimated rainfall.
As late as the morning of the 15th, forecasts predicted over 200mm of rain—yet over 900mm fell.
Critics argue that more accurate predictions could have led to a stronger response.

Realmeter Approval Rating Drops to 43%.

Presidential approval has fallen further. Negative assessments have risen to 54%.
Compared to the Democratic Party’s support, which climbed to 48%. The People Power Party dropped to 33%.

Deep Dive.

“Ordered Reduction of South Korea-U.S. Joint Drills.”.

Trump’s Truth Social post sparked massive controversy and speculation.
The short message contained multiple claims.
First, he has a very good relationship with Kim Jong-un (North Korean State Affairs Commissioner).
Second, joint drills are expensive.
Third, North Korea is not threatening and has been respectful. Joint drills send inappropriate, hostile signals—so he ordered their reduction.
Fourth, unrelated but worth noting: when he asked the South Korean president to join the Iran war, the response was “No thanks.”
Interpretations vary. It could mean: since South Korea didn’t support us, we won’t support them—or that provoking North Korea must be avoided to maintain dialogue with Kim Jong-un.
Ulchi-Freedom Shield (UFS), a 11-day exercise involving 18,000 troops, has already begun. The South Korean Ministry of National Defense insists it will proceed as planned.
Related Link.

Will the South Korea-U.S. Alliance Waver?

Much foreign media frames Trump’s outburst as mere venting, but the full context suggests his desire to meet Kim Jong-un and South Korea’s refusal to join the Iran war are separate issues.
The Atlantic analyzed, “He aims to make South Korea pay for the humiliation suffered in Iran.”
Life-Eric Izli (Ewha Womans University professor) told the BBC, “Cost-cutting benefits are marginal, and diplomatic gains are questionable.”
Im Eun-chul (Kyungnam University professor) said in a Guardian interview, “North Korea has little reason to meaningfully accept reduced joint drills.”
The New York Times predicted, “North Korea will only resume talks if the U.S. abandons denuclearization demands.”
Choi Sang-hoon (New York Times Seoul bureau chief) views Trump’s overture as not necessarily bad for South Korea. The South seeks eased tensions, and the North has long condemned joint drills. While some worry about weakened deterrence, such concerns are overstated.
The New York Times also projected, “Allies in Asia may grow concerned about how far the U.S. is willing to go to deter China.”
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Trump-Style Deal-Making.

Hankyoreh emphasized in an editorial, “Even if efforts to ease tensions on the Korean Peninsula proceed, the goal of securing deterrence against North Korea through the South Korea-U.S. alliance must not waver.”
Chosun Ilbo pointed out in an editorial, “Isn’t the alliance’s foundation—joint drills—now reduced to a bargaining chip while fixating solely on North Korea? One cannot help but worry.”
JoongAng Ilbo described it in an editorial as “Trump-style deal-making, where even alliance security is calculated in terms of cost and benefit,” stressing, “Deterrence is necessary even for dialogue.”
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U.S.-Iran 60-Day Negotiation Deadline Expired.

Donald Trump (U.S. President) keeps repeating like a broken record, “Iran must surrender.”
Abbas Araghchi (Iranian Foreign Minister) stated, “The U.S. violated the MOU and hostilities resumed, so the 60-day ceasefire never existed in the first place.”
Wally Adeyemo (U.S. Deputy Treasury Secretary) warned, “We will impose unprecedented economic sanctions on Iran.” There is a possibility of blocking Chinese purchases of Iranian oil.

Panic Policy.

Debate has erupted over the development of Yongsan Park.
A senior government official stated, “The Yongsan area is virtually the only location in central Seoul where large-scale housing for the younger generation can be supplied.”
Jo Se-hwan (Hanyang University professor) argued, “Yongsan Park is not just green space—it is core urban infrastructure that sustains the megacity of Seoul.” Choi Bong-mun (Mokwon University professor) claimed, “I cannot agree with the very perspective that views Yongsan Park as an ‘empty lot’ for housing.”
The term “panic policy” has also emerged. Kim Se-yong (Korea University professor) remarked, “No effective measures have yet appeared.”
Kim added, “If residents who fear, ‘Rental housing will drive down our neighborhood’s property values’ cannot be persuaded, the project will struggle to advance,” and proposed, “A social mix—appropriately blending rental and owned units—could be a solution.”
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Another Take.

Not Everything Is as It Seems.

Nine big tech firms’ capital expenditure (CAPEX) officially totals $600 billion.
The Wall Street Journal analyzed, “Unrecorded commitments and obligations on balance sheets amount to $3 trillion.”
Meta’s Hyperion data center under construction in Louisiana is a prime example. Though a joint venture with BlueOwl—where Meta holds 20% and BlueOwl 80%—its assets and liabilities are separated, making it ineligible for consolidated accounting.
Meta plans to lease the data center from 2029 for up to 20 years. The joint venture issues bonds backed by Meta’s future lease payments and residual-value guarantees—totaling a staggering $27.3 billion.
Such unbuilt data center lease commitments already reach $1.2 trillion, with purchase commitments and obligations at $1.9 trillion. The Wall Street Journal noted, “Regardless of revenue, purchase commitments and lease contracts cannot be canceled.”
Alphabet and Amazon have already seen their free cash flow turn negative. CAPEX keeps rising—so where is the weakest link?
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While Retail Investors Lost 55 Trillion Won, Brokerages and the Exchange Profited 117.3 Billion Won.

From May 27, when single-stock leveraged ETF trading began, until the end of last month, brokerages earned 89.4 billion won in commission fees, and the exchange collected 27.9 billion won in settlement fees. During the same period, individual investors lost 55 trillion won on ETF investments.
Chosun Ilbo pointed out, “While retail investors suffered massive losses, brokerages appeared to be throwing a commission party.”
The Financial Investment Association, responsible for investor pre-education, pocketed 3.2 billion won in tuition revenue.
The top 10 brokerages’ commission income for the first half of this year reached 7 trillion won.
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KOSPI 7,000: A Game of Cat and Mouse.

Margin loan balances shrank to 27 trillion won on the 4th, then rebounded to 31 trillion won by the 13th. Leveraged bets are rising again.
Kang Jin-hyuk (Shinhan Investment & Securities analyst) assessed, “Retail investor sentiment remains cold.”
Up for five consecutive days, the index has surged 11.5%. Big Tech earnings from Nvidia and others at month’s end are a wild card. Trading volume, which neared 80 trillion won in May, dropped below 20 trillion won on the 10th.
All three major U.S. indices fell yesterday. The S&P 500, Dow, and Nasdaq declined -0.52%, -0.51%, and -0.32%, respectively.
Related Link.

The Fix.

China Was Prepared.

China has been preparing for the Malacca Dilemma since 2003, aware that a blockade of the Malacca Strait would cut off its energy supply.
Even when the Strait of Hormuz was blocked, the impact on China was not severe—precisely because of this long-term strategy.
First, it treated energy as a security issue: expanding renewable energy and steadily reducing import dependence.
Second, it ramped up electric vehicle production, replacing 1 million barrels of oil per day with EVs. By 2035, this is expected to rise to 4 million barrels.
Third, it diversified imports: reducing reliance on the Middle East to 60% for oil and 17% for natural gas. Over half of its natural gas now comes via pipelines from Russia and Central Asia.
Fourth, it stockpiled over 1 billion barrels of oil. Since the war began, it has been releasing reserves to stabilize prices.
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ICYMI.

The Era of 4,000 Won for a Roll of Gimbap.

In Seoul, the price of a single roll of gimbap has risen to 3,838 won—up 5.9% from a year ago.
Rice prices surged 13.2%, while eggs and seaweed increased 9.0% and 2.5%, respectively.
As of the first quarter of this year, Seoul’s snack food specialty shops numbered 9,448—down 287 (2.9%) from a year earlier.
Pork belly rose 4.3%, kalguksu 3.6%, naengmyeon 2.8%, samgyetang 2.8%, bibimbap 2.7%, jajangmyeon 2.1%, and kimchi stew 1.8%.
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Friendflation.

Friend + inflation.
When prices rise, social costs are the first to shrink. According to the National Data Service, the nominal income of household heads under 39 this first quarter was 5.39 million won per month—1.7% less than a year ago.
Last month’s consumer price index rose 2.8%, with dining-out costs up 2.6%. Entertainment+culture and transportation costs surged 5.5% and 4.9%, respectively.
In an Albacheonguk survey, 93% said they felt burdened by the cost of meeting friends due to inflation. 71.2% reported cutting spending on socializing with friends.
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Worth Reading.

Even Reelection Can’t Escape the Lame Duck.

Claiming that responsible politics is difficult is just an excuse. Kim Min-ah (The Kyunghyang Shinmun columnist) emphasized, “Unless it’s a lifetime presidency, lame duck periods are unavoidable.”
“Let’s be honest. Are the core issues in Korean society today really due to the imperial presidency or the single-term system?”
In fact, revising the Political Parties Act might be far easier and more urgent than constitutional reform. The Democratic Party, which holds a majority, could do it if they truly wanted to—solutions like switching to mixed-member majoritarian systems, increasing proportional seats, or allowing regional parties exist in abundance to enhance diversity and representation. Yet critics argue they’re merely blaming the constitution.
“Because they have no intention of giving up their privileges. Would changing the single-term system to allow reelection or multiple terms genuinely improve the political participation of the weak and minorities? Can housing, jobs, or widening inequality be blamed on the single-term system?”
Related Link.

Why the Remark “Let Ministers Settle It with Rock-Paper-Scissors” Was Bizarre.

This was Lee Jae-myung (President)’s comment regarding the 52-hour workweek exception. It came as Kim Jeong-gwan (Minister of Trade, Industry and Energy) and Kim Young-hoon (Minister of Employment and Labor) clashed—with the President seemingly mediating like a teacher telling them to settle it with rock-paper-scissors.
Hwang Sei-won (CEO of Ilin Research Institute) emphasized, “The 52-hour workweek is a legal baseline set in accordance with constitutional principles” and “a matter of incommensurability—thus, the debate itself is invalid.” It’s not an issue to be decided by ministers squabbling.
Related Link.

No History Is Immune to Scrutiny.

Lee Jin-sook (People Power Party lawmaker) claims, “May 18 has become sacrosanct,” but Lim A-young (Kyunghyang Shinmun political desk deputy head) countered, “The reason Korean society cannot move to the next stage of discussing May 18 is not because it has become sacrosanct, but because the wounds have not fully healed and people like Lee Jin-sook continue to block truth-finding and the recovery of victims’ damages.”
“Unresolved history eventually returns as conflict and cost.”
Lim A-young emphasized, “What we must do now is establish basic standards of trust and justice: those who devoted themselves to the community are honored, and those who betrayed it bear corresponding consequences.”
Related Link.

Time Is on Our Side.

The Committee for the Investigation of Pro-Japanese Collaboration Assets will relaunch in December. Even if descendants of pro-Japanese collaborators have disposed of related assets, the proceeds from those disposals will also be subject to reclamation.
Jeong Seong-ho (Minister of Justice) stated, “We must build a just nation where those who sacrificed everything for the country are respected, and those who gained wealth and honor by betraying the nation return what they unjustly acquired.”
Germany has a precedent of prosecuting Nazi war criminals even after they turned 100.
Choi Yoo-an (novelist) emphasized, “We must remember and correct the past so that time does not become an ally of those who committed wrongs.”
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Slow News Supports Independent Researchers and Journalists.

We provide solution journalism reporting grants to independent researchers and journalists under 30.
Report and write articles with Slow News. This is a project to structurally analyze long-standing issues in Korean society and explore solutions.
Applicants under 40 are eligible.
Application method: Send a brief reporting plan by August 20. No special format required, but it must clearly outline the problem. Email to park@slownews.kr.
Grants: 1 million KRW per project. Up to 10 projects will be conducted by year’s end.
Acceptance or rejection will be individually notified to all applicants.