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.

North Korea’s 57 Nuclear Weapons.

• Donald Trump (US President) said this. It sparked controversy as it officially acknowledges North Korea’s nuclear arsenal.
• When asked, “Is the goal of dialogue with Kim Jong-un (North Korean State Affairs Commissioner) still denuclearization?” he replied, “I don’t want to talk about it.”
• He said, “It shouldn’t have been allowed to happen in the first place, but he already has them, and I get along very well with him.”
• Chosun Ilbo assessed, “The goal of North Korean denuclearization is collapsing.”
• An Kuy-baek (Minister of National Defense) said, “We estimate it to be around 80–120.”
• The Stockholm International Peace Research Institute (SIPRI) counts 60.
• Related Link.
• Related Link.
• Related Link.

Trump’s Double Standard.

• Iran is at war. North Korea? “With a smart president in the US, it’ll be fine,” he said.
• Victor Cha (CSIS Korea Chair) assessed, “He is taking a pragmatic and compromising approach.” Iran is in the early stages of nuclear development, but North Korea has already completed it. The stage of “Complete, Verifiable, Irreversible Dismantlement (CVID)” has passed.
• The sanctions environment also differs. Iran faces strong sanctions, but North Korea is backed by China and Russia.
• Related Link.

Trump Wants a Summit Kim Jong-un Doesn’t Need.

• The Wall Street Journal’s assessment cuts to the bone.
• From Kim Jong-un’s (North Korean State Affairs Commissioner) perspective, there’s nothing particularly to gain from meeting Trump. He’s succeeded in nuclear development and is closer than ever to China and Russia.
• Lee Sung-yoon (Sejong Institute Research Fellow) analyzed, “Kim Jong-un is currently living his best life.” The US, China, Russia, and South Korea are all scrambling to win his attention. What could Trump possibly offer him?
• Related Link.

What Matters Now.

Samsung Electronics and SK Hynix Surge.

• SK Hynix rebounded sharply after announcing a plan to repurchase shares worth 40 trillion won. It rose 9.5% and 12.7% respectively.
• The KOSPI index recovered to 6852.6, up 5.9%. A buy-side circuit breaker was triggered. Individuals sold 2.2 trillion won, while foreigners bought 1.7 trillion won.

America’s Triple Economic Crisis.

• Treasury yields are rising again, oil prices are climbing, and Walmart shares plummeted 9.2%. The US government intervened in the bond market, but the effect lasted less than a day.
• Yesterday, the three major US indices fell again. The S&P 500, Dow, and Nasdaq dropped -0.87%, -1.32%, and -1.00% respectively.
• Jason Hendryx (Crestwood Advisors portfolio manager) explained:
• “If credit card spending suddenly spikes, credit ratings drop. If bond investors say, ‘Hey, it’s like a drunk sailor splurging money,’ the same could happen to Uncle Sam (the US government).”
• Related Link.

Won-Dollar Exchange Rate Drops to 1,392.6 Won.

• 1
• The exchange rate, which had surged to 1,550 won, fell by more than 160 won. This is due to increased demand for the won as SK Hynix converted cash raised on NASDAQ.
• 2
• Heo Joon-young (Sogang University Professor) assessed, “The exchange rate had risen too sharply compared to our economy’s fundamentals. Now it’s converging to match those fundamentals.”
• 3
• The timing for interest rate hikes has become ambiguous. While inflation alone suggests raising the base rate, some observers argue that the falling exchange rate warrants a wait-and-see approach.
• 4
• Park Joon-woo (Hana Securities Analyst) analyzed, “From the Bank of Korea’s perspective—which cites inflation as the core basis for rate decisions—the exchange rate decline isn’t a reason to pause but rather a condition that supports further hikes.”
• Related Link.
• Related Link.

“Nomination and Appointment Powers Are Equal.”.

• No Kyung-pil (Chief of the Supreme Court Administration Office) said this. Chief Justice Cho Hee-dae is understood to share the same view.
• Supreme Court justices are nominated by the Chief Justice and appointed by the president. The claim that nomination and appointment powers are equal implies that justices can be nominated independently of the president’s will. No Kyung-pil stated, “If the Chief Justice had to unconditionally nominate the president’s preferred candidate, there would be no reason to stipulate the Chief Justice’s nomination power in the Constitution.”
• Im Ji-bong (Sogang University professor) told The Hankyoreh, “The appointing authority’s power is inherently superior to the nominating authority. In the context of respecting the judiciary’s will in appointing justices, the Chief Justice should be seen as having a strong de facto recommendation power over candidates.”
• Han Sang-hee (Konkuk University professor) disagrees. “The president’s authority is not violated if the Chief Justice nominates freely. The president’s constitutional power is limited to appointing the nominated candidate—a narrow authority.”
• According to The Hankyoreh, the Blue House is likely to send Kim Sung-soo’s (Seoul High Court judge) appointment bill to the National Assembly and return Son Bong-ki’s (Daegu District Court judge) to the Supreme Court. “Strong displeasure is shared within the Blue House,” it is said.
• The term “Blue House bypass” has even emerged. One ruling party insider stated, “The Chief Justice’s unilateral written nomination is an unprecedented constitutional crisis that disregards the head of state’s appointment power.”
• Related Link.

“Chief Justice Cho Hee-dae Likely to Step Down Voluntarily.”.

• Is that really the case? Kim Min-seok (Democratic Party Leader) called it “the attitude of a delinquent student begging to be expelled.”
• The Democratic Party decided to hang banners reading, “Law-destroying Cho Hee-dae must step down.” Han Byung-do (Democratic Party Floor Leader) criticized, “They are trying to reduce the president’s appointment power to a rubber stamp for post-facto approval.”
• The prevailing view is that impeachment is unlikely. The Democratic Party’s approval ratings are falling, and the Constitutional Court is also unlikely to accept the motion.

Can’t the Appointment Consent Bill Be Rejected?

• Sending the consent bill back to the Supreme Court could appear to negate the Chief Justice’s nomination authority.
• Some argue it could simply be sent to the National Assembly for rejection—but doing so might imply recognition that the Chief Justice’s nomination power takes precedence over the president’s appointment authority.
• The Constitution states, “Supreme Court justices are nominated by the Chief Justice, consented to by the National Assembly, and appointed by the president.”
• In an editorial, Chosun Ilbo emphasized, “The nonpartisan selection of Supreme Court justices is so critical that the judiciary, legislature, and executive were each granted equal veto power.”
• The Chief Justice has the authority to select one candidate from the pool.
• The National Assembly can consent to or reject that candidate.
• The president? They can ultimately appoint or reject. If the president rejects, the Supreme Court can receive new recommendations and renominate.
• Chosun Ilbo noted, “The Blue House and Democratic Party seem angry that the Chief Justice did not nominate the candidate the president had in mind.”
• Related Link.

People Power’s “Biyang Hengsa” Discipline.

• It’s a play on the Democratic Party’s “Bimyung Hengsa” (if not pro-Myung, lose nomination). Biyang Hengsa refers to the mass disciplinary actions against lawmakers who defied Jang Dong-hyeok (People Power Party Leader).
• The People Power Party’s Ethics Committee suspended Jo Kyung-tae (People Power Party Lawmaker) from party membership for 2 years and 6 months, Jin Jong-oh (People Power Party Lawmaker) for 2 years, Kwon Young-jin (People Power Party Lawmaker) for 1 year and 6 months, and Seo Beom-su (People Power Party Lawmaker) for 10 months.
• Jo Kyung-tae was reported for campaigning against Park Deok-hum (Vice Speaker of the National Assembly) during the Vice Speaker candidacy primary.
• Jin Jong-oh was disciplined for assisting Han Dong-hoon’s (then Independent Candidate) election campaign.
• Kwon Young-jin grabbed Jung Jeom-sik (People Power Party Floor Leader) by the collar during protests over committee assignments.
• Seo Beom-su and Jin Jong-oh sparked controversy during a debate on abolishing supplementary investigative powers when Seo said, “Why don’t you try a spinning kick?”
• Kwon Young-jin remarked, “As expected, the Ethics Committee was a faithful hunting dog for Jang Dong-hyeok’s faction.”
• Han Dong-hoon claimed, “Selective and arbitrary disciplinary politics to privatize the party continues.”
• Related Link.
• Related Link.
• Related Link.

Democratic Party’s Appointed Supreme Council Members: Jeon Yong-gi and Kwon Mi-kyung.

• Kim Min-seok (Democratic Party Leader) appointed Jeon Yong-gi (Democratic Party Lawmaker) and Kwon Mi-kyung (Korean Confederation of Trade Unions Public Solidarity Committee Chairperson). The appointments allocate youth and labor representation, respectively.
• Of the nine leadership members, excluding three from the “Team Jeong Cheong-rae,” all others are pro-Myung. Choi Min-hee (Democratic Party Supreme Council Member) protested, “How can a vote pass if appointments are suddenly announced without minimal consultation?” Han Min-su (Democratic Party Supreme Council Member) also criticized, “The Supreme Council has been neutralized.”
• Kim Min-seok had previously promised to elect Supreme Council members through primaries.
• A Democratic Party official interviewed by Chosun Ilbo remarked, “The president called Kim Min-seok and Jeong Cheong-rae to emphasize ‘one team,’ but the next day, the factional conflict resurfaced.”
• Related Link.
• Related Link.

Kim Eo-jun’s News Factory and Democratic Party TV.

• Three pro-Cheong-rae Democratic Party Supreme Council members—Choi Min-hee, Han Min-su, and Lee Seong-yun—appeared together on News Factory.
• Han Min-su emphasized, “Combined, we exceed 53% support,” framing it as “public backing for our stance on Jeong Cheong-rae.”
• Speculation arises that Kim Min-seok (Democratic Party Leader) urging Kim Nam-jun (Democratic Party Publicity Committee Chairperson) to “overhaul the party’s brand concept, meeting formats, and even attire” while insisting “all party news must start with Democratic Party TV’s early-morning broadcasts” was a calculated nod to Kim Eo-jun’s News Factory.
• The public directive posted on X also likely reflects a deliberate strategic move.
• Related Link.
• Related Link.

“Only 5% for Yongsan Park” Vs. “Becoming a Criminal of History.”.

• Kim Yoon-deok (Minister of Land, Infrastructure and Transport) and Oh Se-hoon (Seoul Mayor) met but only confirmed their differences.
• Kim Yoon-deok argued, “Protecting Yongsan Park well and supplying housing for young people and newlyweds are not mutually exclusive,” adding, “For example, areas where houses have already been built and people are living, like officers’ quarters, can be used for housing supply.”
• Oh Se-hoon claimed, “Even if a limited area is designated for residential use, as Seoul mayor, I would be remembered as a criminal of history.”
• Among the total 3 million square meters, officers’ quarters and the Defense Acquisition Program Administration site combined account for just over 5%. Oh Se-hoon insisted, “All of these are core sites—the purpose of the Yongsan Park Special Act was to turn the entire core site into a park.”
• Since Yongsan Park is state-owned, housing supply is possible without Seoul’s consent simply by amending the special act.
• Related Link.
• Related Link.

Right Then, Wrong Now.

• Positions flip depending on the camp: the Democratic Party pushes for development while the People Power Party advocates green preservation.
• Han Byung-do (Democratic Party Floor Leader) criticized, “Oh Se-hoon agreed to lifting the Seoripul Greenbelt restrictions two years ago—what is his reason for opposing it now?”
• Chae Sang-wook (Ground Connected CEO) stated, “With Seoul housing prices soaring and the housing crisis worsening, unlike in the past, real estate policy has become the most critical dividing line between political camps.”
• Park Won-gap (KB Kookmin Bank Senior Researcher) described the Yongsan Park development issue as “a policy clash between rapid housing supply in central Seoul and the value of national symbolic capital,” adding, “There is a need for sufficient public consultation.”
• Related Link.
• Related Link.

Apartment Prices Keep Rising.

• Seoul’s apartment index rose by 0.22%. Only Gangnam and Seocho districts fell by 0.05% and 0.09%, respectively, while the Han River Belt, Dobong, and Seongbuk districts broadly increased.
• A Banpo-dong realtor interviewed by Dong-A Ilbo said, “Most sellers are homeowners in their 70s–80s urgently listing properties at 200–300 million won below market price,” adding, “Buyers expect prices to drop further once tax reform plans are finalized, so transactions remain sluggish.”
• Related Link.

What Did Lee Jae-myung and Choi Tae-won Discuss?

• Mention was made of expanding the Gwangju semiconductor cluster from Phase 4 to Phase 9.
• Park Byung-gyu (Former Mayor of Gwangsan-gu, Gwangju) claimed, “If the semiconductor cluster is established, young people from across the country will flock to Gwangsan-gu,” adding, “It’s time to elevate Gwangsan-gu to Gwangsan City.” The projection estimates the population will grow from 380,000 to 530,000, with local tax revenue increasing by over 30 billion won.
• Related Link.
• Related Link.

Deep Dive.

Fast-Tracking Legislation: 330 Days to 90.

• The revised National Assembly Act has passed.
• Standing committee reviews are reduced from 180 to 60 days, and the Legislation and Judiciary Committee’s review period shortens from 90 to 30 days. Bills no longer need to wait 60 days after reaching the plenary session and can be tabled at the first session.
• To designate a fast-track bill, approval from at least three-fifths of all lawmakers or three-fifths of a standing committee’s members is required.
• The People Power Party protested, “The National Assembly has become not the last bastion of democracy but the spearhead of Lee Jae-myung’s dictatorial regime.”
• Related Link.

Contact Made with Missing Person? Was It a Lie?

• Another botched police investigation sparks controversy.
• A woman in her 30s has been missing for three months on Jeju Island. Police who received the report closed the case, claiming they had contacted the missing person—yet no call records exist.
• The lead investigator insists, “The missing person requested the reporter not disclose her location.” Jeju Police Agency is investigating the officer for dereliction of duty.
• According to Chosun Ilbo, the investigator had already been suspended over other charges.
• Amid growing concerns about police incompetence—especially regarding expanded investigative powers—JoongAng Ilbo criticized in an editorial, “Public outrage is mounting over granting such police greater authority.”
• Related Link.
• Related Link.

Economic D-Day.

• Trump declared, “We will launch the most destructive economic operation ever inflicted on any country.”
• He warned, “Any nation providing Iran with financial, corporate, airport, or governmental lifelines will face enormous economic consequences.”
• Abbas Araghchi (Iranian Foreign Minister) claimed, “This is an attempt to divert attention from America’s debt crisis.”
• Related Link.

Another Take.

North Korea Responds with Ballistic Missiles.

• Over a dozen ballistic missiles launched from the Pyongyang area flew 300+ km before landing in the East Sea.
• Kim Yo-jong (Workers’ Party Deputy Department Director) stated, “A single word from Trump has left Seoul in the pathetic position of having to abandon its favorite war games.”
• Related Link.

The Era of Containers Is Ending.

• 8×20-foot steel boxes—the container revolution that drove global trade for 70 years has hit its limits.
• Before containers, unloading and loading a single ship required 50 workers at least ten days. Today, a 146-meter crane handles a 20,000-container cargo ship in 40 hours. Handling costs plummeted from $5.80 to $0.158 per ton—a 97% drop. Last year, container volume reached 280 million.
• The issue is trade imbalance. Most containers arriving from China return empty. In the past, 6 out of 10 containers heading from the U.S. to Asia were filled; now only 3–4 are.
• Related Link.

The Fix.

8,604 Centenarians.

• In 2015, a decade ago, there were 3,159. The oldest is 116.
• 7,176 are women and 1,428 are men.
• When asked about the secret to longevity, 60% cited moderate eating habits and 45% mentioned regular routines.
• 87% have never smoked, and 80% have no history of drinking.
• A public health official from Goheung County, which has the highest proportion of elderly, said, “The common trait among those living healthily past 100 is balanced but small portions and minimal psychological isolation,” adding, “Long-term economic activity, such as aquaculture, also appears to be a factor in longevity.”

92% of the Population Lives on 17% of the Land.

• Designated land-use areas cover 106,563 km². Urban zones account for 17,740 km².
• Of the 51.12 million registered residents, 47.06 million—92%—live in urban areas.
• Agricultural and forest zones are the largest at 49,191 km² (46.2%).
• Related Link.

The Pine Wilt Nematode: 38 Years and 2 Trillion Won Later, Still Unchecked.

• Infected pine trees nearly doubled from 900,000 in 2024 to 1.77 million this year.
• The government has spent 1.893 trillion won on eradication efforts since the first outbreak in 1988.
• Unlike Korea’s reactive approach, Portugal and Spain prioritize early detection and containment. They deploy pheromone traps widely to track vector beetle movements, and in new infection zones, they physically cut off spread paths by removing all pine trees within a set radius—rather than relying on pesticides.
• Park Il-kwon (Seoul National University professor) argued, “High-value trees should be prioritized for intensive treatment, while the rest must undergo bold species conversion.”
• Research on a ‘curative vaccine’ to save infected trees without cutting them exists. In Geoje, Gyeongnam, an experiment injecting the predator fungus ‘Estuya vermicola’ saved some infected trees, with recovery reported in about 78% of vaccinated pines.
• Yoon Sang-gap (forest engineer at Busan Forest Technical Office) insisted, “The focus should shift from eliminating nematodes to preserving infected trees and reducing overall pest density and damage intensity.”
• Related Link.

ICYMI.

Kim Keon-hee’s Influencer Game.

• Kim Keon-hee (wife of Yoon Suk-yeol) was revealed to have received Dior clothing worth 5 million won in exchange for promoting a small business’s products.
• She exposed the company’s products to officials met during state visits, including the UK, then sent photos with the message, “Delivery complete.”
• During the special prosecutor’s investigation, it emerged that Yoo Kyung-ok (former presidential office administrator) allegedly asked, “If the special prosecutor asks, please testify that you returned the product costs in cash.”

Who’s Buying China’s Humanoid Robots?

• Chinese government agencies buy them for training, then resell the data. Training data for a 5-minute robot dance sells for 1 million yuan (US $148,000).
• The structure resembles the circular finance of US hyperscalers: investments and transactions are exchanged to expand the market, but it’s not yet at the profit stage. Most sales remain for education and research.
• An anonymous venture capitalist interviewed by the Financial Times said, “There’s a consensus among early investors that humanoid robots are nearing the peak of the hype cycle.”
• While the government is creating initial demand, concerns arise that if field deployment fails, company valuations will need reassessment.
• Related Link.

Transit Hubs Shift from Dubai to Incheon.

• U.S.-Iran tensions have sharply reduced transit traffic through Middle Eastern hubs like Dubai and Abu Dhabi.
• Incheon Airport saw an 18% increase in transit passengers in the first half of this year—European routes surged 63%.
• Each passenger spends an average of $7.60 on shopping, dining, and other services, plus airport fees.
• Middle Eastern carriers have launched discount wars to compete.

How to Look Busy to AI.

• AI now monitors employees. You may need to become the kind of worker who “appears” productive to algorithms rather than one who actually is. The Wall Street Journal recommended a few tips.
• Monitoring systems track metrics like keystroke frequency and screen-saver activation. An 80% activity rate is ideal—over 90% raises suspicion. Occasional YouTube Shorts viewing is acceptable.
• Diligent calendar entries for meetings or fieldwork provide alibis when away from your desk.
• A high token usage rate once signaled productivity but can now count against you.
• Related Link.

A Vaccine to Treat Cancer Has Emerged.

• Moderna and Merck successfully completed clinical trials for a skin cancer treatment. The vaccine was co-developed by Moderna and Merck.
• It reads a patient’s genetic information, identifies unique mutations in cancer cells, and encodes them into mRNA. The process—from tumor analysis to personalized vaccine production—takes six weeks. The cost? Over $500,000, or around 700 million won.
• If successful, this personalized cancer vaccine could rewrite the history of cancer treatment. There are expectations it could even prevent recurrence. It is slated for release as early as next year.
• Moderna’s stock surged 177%, with its market cap jumping from $25.4 billion to $69.6 billion. It remains at one-third of its peak during the COVID-19 pandemic.
• Related Link.

U.S. Workplace Health Insurance Enrollees Face $5,297 in Medical Costs.

• Employer contributions are projected to rise 11.1% next year—the largest increase in two decades. Naturally, employee out-of-pocket costs will follow.
• The financial strain stems from expanded coverage for cancer treatments and obesity medications, which have rapidly depleted insurance funds. Hospitals are also increasingly using AI tools to inflate claims.
• Related Link.

Worth Reading.

America Will Fail.

• Mohamed El-Erian (Wharton School professor) warned it could be the start of a structural crisis.
• Government debt has grown to unsustainable levels, and even mortgages and auto loans are under strain.
• The Fed may raise rates, but it won’t be a fundamental solution. Janet Yellen (U.S. Treasury Secretary)’s bond buybacks could buy time but might worsen the situation by increasing short-term debt.
• Related Link.

Choking on the Situation.

• Progressive engagement policies have ended in failure. The conservative-darling ROK-US alliance is also faltering.
• Gil Yun-hyung (Hankyoreh columnist) diagnosed, “History is a vast mystery that doesn’t move solely by meticulous realism. Unless we bear immense risk and desperately struggle for something, nothing will be achieved.”
• The warning: “Without wise diplomacy from now on, we may not get the ‘peace’ we desire—only a plunge into the abyss of ‘formally recognizing North Korea’s nuclear status.’”
• Related Link.

Who Could Resist Living in Seoul?

• In 2019, a 34-pyeong apartment in Siji-dong, Suseong-gu, Daegu, was priced at 470 million won—it remains at 450 million won today. A 15-pyeong apartment in Pungnap-dong, Songpa-gu, Seoul, also 470 million won in the same year, is now listed at 1.18 billion won. Just living in Seoul has increased assets by over 700 million won.
• Taxes? Residents in Gangdong-gu, Seoul, pay 5,200 won, while those in Dong-gu, Busan, pay 12,500 won. Property taxes are also heavier in rural areas. The tax difference between a 700 million won house in Seoul and a 300 million won one in the provinces is only in the tens of thousands of won.
• “The capital region is unbearable because it’s too crowded; the provinces are unbearable because there’s no one. Land prices are too high in the capital, too cheap in the provinces. How can this imbalance be resolved?”
• Park Byung-ryul (Economy Editor, Kyunghyang Shinmun) noted, “What seems normal in Seoul often appears as privilege when viewed from the provinces.” It’s a call to reconsider why relocating public institutions has failed.
• Related Link.

The Three Errors of Lee Jae-myung’s Economic Team.

• First, they overestimated the AI-driven semiconductor boom. Excessive optimism led to an all-in approach, pushing household economics to the back burner.
• Second, they failed to give the president candid advice. When the president—who vowed not to raise taxes via housing prices—pulled out the tax hike card, did any advisor offer a proper opinion?
• Third, the Samsung+Nick’s leverage fund remains unaccountable, with no reflection or responsibility assigned.
• This is not the president’s error but that of the economic team, which failed to correct it.
• Lee Sang-ryul (JoongAng Ilbo columnist) warned, “Even well-intentioned policies pursued with utmost effort can fail. However, policies that distort economic realities, align more with the regime than the market, and neglect preparation are almost certain to fail.”
• Related Link.

From ‘Firefighter’ to ‘Market Intervener’.

• The state’s role has changed.
• Kim Hak-gyun (Shinyoung Securities Research Center Director) analyzed, “If the legacy of the 2008 financial crisis was ‘Too Big to Fail,’ now we’ve entered an era where ‘strategically critical’ companies and industries—even if they lag in competition—cannot be left behind (Too Strategic to Fail).” His diagnosis: “Global capitalism is increasingly becoming ‘state-managed.’”
• “In 2008, we had to protect the financial system; in 2020, businesses and jobs. Now, the added imperative is not falling behind in competition with China. (Omitted) Perhaps we’ve already entered a capitalism that’s safer than the past but less efficient. Whether this is an unavoidable choice in the US-China hegemony era or one that will incur heavy costs later remains to be seen.”
• You can receive Slowletter by email. It’s sent every morning at 7:00 AM.
• Related Link.
• Related Link.