Kim Yong-beom Says Era of Kospi 8,000, Won at 1,550 Per Dollar Poses Uncharted Challenge

Kim Yong-beom, South Korea’s presidential policy chief, marked his first anniversary in the role by reflecting on the past year and the current economic backdrop.

In a Facebook post on June 6, Kim wrote that he began work as policy chief exactly one year earlier. At the time, he said, he felt at a loss over where to begin amid the mismatch of 13 straight quarters of falling retail sales and soaring home prices.

He also recalled a photo of himself standing in the press room in a suit and tie for the first time in years. Looking at it brought back the dazed and heavy emotions he felt then.

A year later, Kim said, he is facing a different landscape. Record corporate earnings have lifted the Kospi into the 8,000-point range, while the won-dollar exchange rate has moved into the 1,550 range.

The won-dollar exchange rate climbed above 1,550 won in night trading a day earlier. That marked its highest level since 2009, during the global financial crisis.

Kim described the current economic environment as unfamiliar territory. Both the positive developments and the difficulties are challenges the country has never faced before, he wrote.

He also thanked those who had stood by him over the past year. Kim said he was able to get through the period thanks to the people around him and expressed gratitude to those who encouraged him during difficult moments.

Yeon-ji Kim, Hankyung.com reporter, kongzi@hankyung.com