Lee Jae-myung: "If Yoon persists, irreversible damage to exchange rates and stocks"

Korea Economic Daily

Summary

Lee Jae-myung stated that if President Yoon Seok-yeol does not resign, irreversible damage will occur in economic areas such as exchange rates and the stock market.
He pointed out that the shock to the foreign exchange and stock markets due to political uncertainty is growing, along with a decline in the national credit rating.
Lee mentioned that there is a limit to propping up stock prices with public funds, and if the economic burden increases, the public will suffer.

Lee Jae-myung, leader of the Democratic Party of Korea, stated on the 9th that "if President Yoon Seok-yeol does not resign immediately and persists, it will cause irreversible damage to areas such as exchange rates, the stock market, artificial intelligence (AI), and semiconductors."

At the National Assembly's Supreme Council meeting that day, Lee said, "The harm that political uncertainty inflicts on the national credit rating is too great," and made this statement.

Lee pointed out, "The foreign exchange and stock markets have been continuously shocked since the declaration of martial law. There is a limit to propping up stock prices with public funds like pension funds," adding, "The damage from this acts as a tremendous burden on the economy, ultimately harming the public."

He further elaborated, "Diplomacy is also in a completely paralyzed state," and added, "With the current state of diplomatic incapacity, we cannot navigate the already high waves of trade."

He continued, "I hope President Yoon will not ruin the future of Korea and the lives of the people for his own safety and glory, and resign immediately," urging, "I also hope the ruling party will participate in the impeachment vote this Saturday instead of making strange and unnecessary remarks about contingency plans if the president does not resign."

Shin Min-kyung, Hankyung.com reporter radio@hankyung.com