[Morning Briefing] Yoon to Face First Criminal Trial Questioning Today... New York Stock Market Closes Slightly Higher on Moderate FOMC Minutes

◆ President Yoon to Attend First Criminal Trial and Detention Cancellation Hearing Today

President Yoon Suk-yeol's first criminal trial, where he faces charges of leading an insurrection, will be held on the 20th. President Yoon is expected to attend in person. The Seoul Central District Court Criminal Division 25 (Presiding Judge Ji Gwi-yeon) will open the first preparatory hearing at 10 AM. The preparatory hearing is a procedure to organize the issues and evidence before the main trial begins. President Yoon's side is expected to argue that the martial law was legitimate governance and should not be subject to judicial review, while the prosecution will likely counter that it was an illegal martial law intended to disrupt the constitutional order. Criminal Division 25 is also handling the trials of former Defense Minister Kim Yong-hyun, Police Commissioner Cho Ji-ho, and former Seoul Metropolitan Police Chief Kim Bong-sik, which may lead to discussions about combining the insurrection trials. Along with the preparatory hearing, a detention cancellation hearing for President Yoon will also be held. As President Yoon will be present, he may directly argue against the legality of his detention. President Yoon was indicted and detained on the 26th of last month on charges of inciting a riot aimed at disrupting the constitutional order by declaring unconstitutional and illegal martial law without any signs of wartime, contingency, or equivalent national emergency, allegedly in conspiracy with former Minister Kim and others.

◆ New York Stock Market Closes Slightly Higher on Moderate FOMC Minutes

The three major New York stock indices closed slightly higher. While there were no additional tariff measures from Washington, the market restrained large movements due to concerns about high levels. The January Federal Open Market Committee (FOMC) meeting minutes confirmed hawkish stance but didn't deviate from expectations, and the market didn't react sensitively as the possibility of adjusting quantitative tightening pace was mentioned. On January 19th (EST), the Dow Jones Industrial Average closed up 71.25 points (0.16%) at 44,627.59 on the New York Stock Exchange (NYSE). The Standard & Poor's (S&P) 500 index rose 14.56 points (0.24%) to 6,144.14, and the Nasdaq Composite gained 14.99 points (0.07%) to close at 20,056.25. President Trump announced yesterday that he would announce plans around April 2nd to impose at least 25% tariffs on imported automobiles, semiconductors, and pharmaceuticals. However, investors view positively that President Trump left room for negotiation. The FOMC minutes were released but didn't deviate significantly from the Federal Reserve's existing position. Microsoft rose 1.25% after unveiling its quantum computing chip, and Tesla also gained 1.82%.

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