1. President Yoon’s chief of staff, Kim Dae-ki announced the administration’s first major staff reshuffling on Sunday. Kim said that the goal of the organizational change was to continue “the path toward higher productivity and efficiency in governance.”

2. South Korea and the United States kicked off the Ulchi Freedom Shield drill, a combined military exercise against North Korea’s nuclear and missile threats, on Monday. The exercise is set to run through September 1st.

3. The Korean currency exchange rate against the U.S dollar exceeded 1,340 Won on Monday, for the first time in 13 years and 4 months. Analysts forecast that the Korean won can weaken to more than 1,350 won in the third quarter this year.