Korea JoongAng Daily - Daily News from Korea

Park Sang-hoon

The author is a political scientist.

When political parties rely on ordinary members' dues rather than large donors, they are often described as "mass parties." When they reduce competition and depend on state subsidies, they are labeled "cartel parties." Korea's major parties appear to fit neither model. But a different pattern is emerging, one in which large parties generate significant revenue by leveraging the ambitions of candidates seeking elected office.

If the pattern continues, it may lead to the emergence of a new type of party.

Parties are no longer primarily vehicles for representation or policy formation but function increasingly like platforms that monetize access to nominations. While this tendency is not limited to any one party, the Democratic Party (DP), expected to perform strongly in the upcoming elections, offers a clear example.

Contrary to the common assumption that state subsidies account for the largest share of party finances, carried-over funds make up the biggest portion of the DP's revenue. According to the National Election Commission's January report, "Overview of Party Activities and Financial Statements 2024" (translated), the party accumulated 248.9 billion won ($166 billion) in carried-over funds between 2020 and 2024, exceeding the 188.4 billion won it received in state subsidies.

A key source of this accumulation is special party dues. Party income is divided into general dues, position-based dues and special dues. In 2024, total dues amounted to 37.6 billion won. However, special dues have surged during the current election cycle.

As of mid-March, the DP completed candidate registration and screening and entered the preliminary primary stage. Candidates paid a registration fee of 500,000 won and screening fees ranging from 3 million won for local council seats to 8 million won for metropolitan mayoral races. Additional deposits for primary participation were also required. These payments are classified as nonrefundable special dues.

Estimating the total requires several assumptions. If one assumes a relatively low competition ratio of three candidates per seat and excludes reductions or exemptions, the figures are substantial. For 17 metropolitan mayoral positions, 51 candidates would collectively pay about 800 million won. For 226 municipal chief positions, 678 candidates would contribute approximately 8.5 billion won. Extending the same method to 872 provincial council seats and 2,988 local council seats yields 22.2 billion won and 58.3 billion won, respectively. Combined, these payments amount to nearly 89.8 billion won, more than double the party's total dues collected in 2024.

Position-based dues follow a similar pattern. Many party officials who pay these dues are also prospective candidates. Their payments resemble advance contributions toward future nominations. Elected officials affiliated with the party also contribute monthly dues, with governors paying 1 million won, municipal chiefs 500,000 won, provincial council members 200,000 won and local council members 100,000 won. These payments alone are estimated to total around 3 billion won annually.

General dues also reflect candidate-driven dynamics. A significant portion of dues-paying members is believed to have been recruited by candidates themselves. If half of one million members were mobilized in this way, their dues for six months, totaling around 3 billion won, would effectively be borne by candidates.

For candidates, the financial burden is considerable. After paying substantial sums during registration and preliminary rounds, they must continue to spend on polling and campaign costs in the main primary and runoff stages. Those who lose receive no reimbursement and are often not informed of detailed results. Internal procedures offer little recourse, as vote-counting processes are not transparent.

In this system, parties primarily manage the nomination process while offering limited support in terms...

President Lee Jae Myung called for a broad social compromise among labor, business and government on Thursday. Speaking at a labor policy forum marking the launch of the first Economic, Social and Labor Council, Lee said that for workers, "dismissal is equivalent to death," and stressed the importance of creating conditions in which workers can accept greater employment flexibility.

Lee proposed strengthening the social safety net as a solution and urged stakeholders to pursue a long-term agreement. He suggested that companies benefiting from greater flexibility should bear more of the costs of expanding social protections. His approach resembles the Danish model of "flexicurity," a portmanteau of "flexibility" and "security," which combines flexible hiring and firing practices with robust unemployment benefits and active labor market policies.

In Denmark, such a system has been sustained through high unionization rates, generous unemployment support and extensive job retraining programs. By contrast, Korea's labor market remains structurally divided, raising questions about whether a similar model can be successfully implemented.

While concerns from labor groups about job security should not be dismissed, the claim that dismissal is tantamount to death also reflects the extent of protection for certain portions of the work force.

In a more balanced labor market, workers whose wages align with productivity would be able to transition more easily to new jobs. Instead, a dual structure has taken hold. Workers in large corporations and regular positions, often backed by strong unions, tend to receive wages that exceed their productivity, while those in small- and medium-sized enterprises or nonregular roles face more precarious conditions. According to Lee Jeong-min, an economics professor at Seoul National University, unionized regular workers in large firms have job tenures 4.8 times longer and wages 2.4 times higher than their counterparts at smaller firms without unions.

Opportunities for new entrants remain limited. Only about 2 percent of new hires are in large firms with regular positions, effectively restricting access to desirable jobs for younger workers. This imbalance has contributed to rising youth unemployment, which reached 7.7 percent in February, the highest level in five years.

For a meaningful compromise, trust between labor and management and balanced government policies are essential. However, recent measures, including the implementation of the "Yellow Envelope" law, discussions on extending the retirement age and proposals to shorten working hours, have drawn criticism for placing additional burdens on businesses.

The government should move quickly to address uncertainties in the industrial sector, beginning with supplementary measures to refine the Yellow Envelope law. Without such adjustments, efforts to achieve a durable social agreement may face significant challenges.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.

This article is by Park Eun-jee and read by an artificial voice.

Samsung Electronics plans to spend at least 110 trillion won ($73.3 billion) on facilities and research and development (R&D) this year, positioning itself to meet robust growth in chip demand while leaving room for sizable merger and acquisition (M&A) opportunities.

The planned expenditure would set an annual record for the company, as the combined figure has never once crossed the 100 trillion won threshold. In 2025, the tech giant posted a record high of 90.4 trillion won in combined facility investments and R&D spending, according to an annual business report released on March 10.

In an electronic disclosure report released Thursday, the Suwon, Gyeonggi-based electronics giant noted that the investment will be centered around semiconductors — especially high-performing ones like high bandwidth memory (HBM).

"As the only semiconductor company globally capable of providing a 'one-stop solution' encompassing memory, foundry and advanced packaging, the company aims to secure leadership in the AI chip era," the corporate value enhancement plan read.

"[The company] seeks to solidify its dominant position in high-value memory segments such as HBM while maintaining a sustained technological supremacy over competitors," it said.

In a more future-oriented move, it also opened the door to large-scale M&A in the robotics and automotive sectors, which could be funded by its own hefty cash reserves beyond the proposed 110 trillion won.

"[The company will] pursue meaningful-scale M&A in future growth areas such as advanced robotics, medical technology, automotive electronics and heating, ventilation and air conditioning segment," it stated.

Samsung is ramping up its manufacturing capacity both at home and abroad after clinching large-scale deals with U.S. Big Tech firms like Nvidia, Google, AMD and Tesla.

At the Pyeongtaek site in Gyeonggi, the company is upgrading dynamic random-access memory (DRAM) production to its latest 1c process, which will be used for HBM and advanced DRAM chips. Construction of the P5 facility, which had previously been delayed during the semiconductor downturn, resumed this year with a timeline accelerated by roughly six months compared to earlier plans.

Beyond home turf, the United States stands as the key project area where a new chip factory in Taylor, Texas, with a price tag of $37 billion, is scheduled to be operational by the end of this year. It also received regulatory approval for the second factory earlier this month.

Samsung, meanwhile, reported 126.9 trillion won in cash and cash equivalents last year, up 11.7 percent from the previous year. Net cash — cash and equivalents minus borrowings — also rebounded above 100 trillion won for the first time in three years since 2022.

This article is by Shin Ha-nee and read by an artificial voice.

[GIVE IT A GO]

I knew that BTS's upcoming "Arirang" comeback performance would be anything but small, obviously. But as a Seoulite who passes through Gwanghwamun every week, I've had a few thoughts as I've watched the preparations unfold over the past month.

First: Well, this escalated quickly.

Second: What a time to be an ARMY — and what a place to be one.

And third: Fans flying in for the concert probably need a game plan. A good one because there's just so much to absorb and see in a limited amount of time.

For those who don't know where to start, I spent a day traveling across the city and doing my best to see it through the eyes of a visiting fan, hopping between BTS-related landmarks that have turned the capital into a treasure hunt for ARMY.

Let's gear up: Insa-dong

At the start of the journey, I decided that I needed to gear up — and maybe have some hands-on fun while doing it.

With an ARMY Bomb and a dream, I made my first stop at Insa-dong in Jongno District, central Seoul, a neighborhood known for its traditional clothing boutiques and antique shops.

I left with a handmade norigae, a traditional Korean tassel, attached to my ARMY Bomb, as well as a small piece of wisdom.

"Life is about stories," said Seo Yoon-deok, who manages the modern hanbok (traditional Korean attire) brand Leesle's Insa-dong branch. "A life without stories would be no fun, right?"

She told me this while recommending that I add a cute heart-shaped charm to the silver turtle ornament that I had chosen for my norigae.

A DIY norigae at Leesle consists of three components: a head, a body and a tail. Customers can choose from an assortment of knots, beads and charms to create their own design.

Once the pieces are selected, the real work begins, as you need to sit down with pliers and carefully attach everything through tiny metal rings, which is much easier said than done. Still, the process is fun and requires just enough effort that you're satisfied and proud of yourself for the result, not exhausted.

According to Leesle, there has been a noticeable increase in ARMY customers as they visit the store ahead of the Gwanghwamun performance. Many gravitate toward purple charms — BTS's signature color — such as bell-shaped flowers and butterflies.

I ended up with two tassels: a purple norigae for my ARMY Bomb and another featuring traditional Korean motifs, inspired by the upcoming album "Arirang," which shares the same name as the centuries-old Korean folk song. Together, the two norigae cost about 80,000 won ($53), though a simpler version would typically range between 15,000 and 30,000 won, starting with a basic 5,000 won knotted body.

A reconnaissance: Gwanghwamun

Even if you're not one of the lucky ARMYs who secured a ticket to Saturday's performance, it's still worth visiting Gwanghwamun Square before or after the show.

About a 15-minute walk from Insa-dong, the area surrounding Gwanghwamun and Gyeongbok Palace — Seoul's main royal palace — is where BTS will stage its monumental return.

When I visited the square, it appeared more than ready to greet the world's biggest boy band, even though its comeback was still days away.

Media facades, alongside fan-funded displays for each member, surround the digital advertisement board for the Netflix livestream of the show. At a nearby Kyobo Book Centre branch — this one known for featuring literary quotes on its exterior — a massive banner reads, "Until the story that started with me resonates around the world," accompanied by the red "Arirang" logo.

International fans were already gathered at the spot, filming videos and snapping photos of the displays.

"It's amazing. BTS has such a massive impact," said Selena, a lucky ARMY from Miami who managed to secure a ticket for the show. "I think it's more than the music. You can see the impact they've made on the country and on the world. It's beautiful."

Obviously: HYBE, Yongsan District

...

This article is by Shin Ha-nee and read by an artificial voice.

K-pop juggernaut BTS is finally making its long-awaited comeback with its fifth full-length album, "Arirang," set to be released at 1 p.m. on Friday after months of buildup.

"Arirang" marks the group's first new album release in three years and nine months since its anthology album "Proof" (2022) and the first full-group release after the members completed their mandatory military services.

The title, "Arirang," draws its name from a collection of Korea's traditional folk songs and follows the group's reflection of its roots and identity, according to its agency BigHit Music. The 14-track album will also contain what BigHit Music describes as "genuine stories that BTS wished to share with ARMY, who have been waiting for the group's comeback," referring to the band's official fandom.

The album garnered more than 4 million preorders in its first week of availability in January, breaking the group's previous first-week preorder record of 3.42 million units of its fourth full-length album "Map of the Soul: 7" (2020).

Led by "Swim," the track list includes "Body to Body," "Hooligan," "Aliens," "FYA," "2.0," "No. 29," "Merry Go Round," "Normal," "Like Animals," "they don't know 'bout us," "One More Night," "Please" and "Into the Sun," with a star-studded lineup of producers such as Diplo, Ryan Tedder, El Guincho and BTS's longtime musical partner, Pdogg.

Produced by Tyler Spry and Leclair, the lead track, "Swim," is an alternative pop song centered on BTS's determination to keep moving forward despite life's challenges. Leader RM contributed to the song's lyrics.

The music video was directed by Tanu Muino, who previously worked with member Jungkook on the music video for his 2023 solo track "Standing Next to You."

A day after the album's release, BTS will mark its return with what is expected to be a monumental moment in K-pop history: a live performance, titled "BTS The Comeback Live: Arirang," at Gwanghwamun Square in central Seoul on Saturday.

The free show, slated to begin at 8 p.m. and livestreamed on Netflix, is estimated to draw up to 260,000 people in the area, according to police. About 20,000 tickets have been issued for the performance.

"We're truly excited to meet everyone at Gwanghwamun," RM wrote on the fan community platform Weverse on Thursday. "Since this will be a gathering with many people, we ask for your cooperation for everyone to be able to enjoy the show safely."

The rapper stressed the importance of safety and thanked police and government authorities for their preparations.

Coinciding with the comeback, BigHit Music is hosting a series of fan events, called "BTS the City Arirang Seoul," to mark the occasion, such as media displays at Seoul's major landmarks, including N Seoul Tower, Sungnyemun, Dongdaemun Design Plaza and Banpo Bridge, as well as a drone light show at Ttukseom Han River Park in eastern Seoul on Friday.

Meanwhile, authorities have stepped up efforts to tackle ticket scalping for the BTS show as part of a broader crackdown on unfair ticket transactions.

"BTS, the proud artists of Korea, will hold a performance on Saturday," President Lee Jae Myung wrote on his social media account on Tuesday. "I hope this will be a meaningful moment for us to share and enjoy the beauty of our cultural heritage and K-culture."

The president called for a safe concert environment and urged the public to report illegal ticket resales that disrupt market order.

Following the Gwanghwamun performance, BTS will embark on what is expected to be K-pop's largest world tour yet, with at least 82 shows across 34 stops, starting with three shows at Goyang Stadium in Gyeonggi on April 9, 11 and 12.

This article is by Jin Eun-soo and read by an artificial voice.

"Scribbles on the walls," "damages to the giwa [Korean traditional roofs]," and "camping outside the palace" are some of the most-concerning factors among others, according to Huh who conducted an on-site safety inspection of the performance venues including Gwanghwamun Plaza and Sungnyemun on Thursday.

"A total of 71 personnel from the agency are taking shifts to monitor the heritage sites' safety 24 hours for the week," he said.

"We have multilingual agents that will guide the crowd and real-time monitoring system set up."

BTS's comeback performance scheduled for Saturday evening will unfold against Seoul's most symbolic heritage sites including Gyeongbok Palace, Gwanghwamun Plaza and Sungnyemun as a way of conveying a message about the group's roots and identity. With some 260,000 people expected to gather at the venue, concerns are growing over safety and possible damage to the heritage sites.

"What I am mostly worried about is the exterior of the Gwanghwamun wall when the venue gets overcrowded and everyone will want to secure a good spot for a nice view," Huh said.

The Korea Heritage Service said it has set up a situation room at the National Palace Museum of Korea inside Gyeongbok Palace to respond immediately to any incident that could cause damage. It has also expanded the number of patrol personnel near Sungnyemun by three times. Sungnyemun, Korea's National Treasure No.1, was destroyed almost completely in 2008 due to an arson attack.

HYBE said it has also deployed more than 200 patrol personnel near Sungnyemun for the media facade event.

"As the world turns its attention towards Gwanghwamun and Sungnyemun which are spaces that embody the soul of the Korean people, I hope visitors will also show orderly manners and a sense of civic responsibility in protecting our heritage," Huh said.

Meanwhile, the Ministry of Culture, Sports and Tourism announced a list of special programs in collaboration with state-run insititutions that the performance attendees can enjoy.

The National Museum of Modern and Contemporary Art will run "MMCA: Meet the K-Art," which offers free entry and English-language guided tours led by professional docents of permanent exhibitions. The program starts from Friday.

The National Folk Museum of Korea, located right next to the Gyeongbok Palace, is presenting a wide range of Korean cultural experiences under the theme "K-Culture Folk Traditions with BTS" from Friday through April 30, except Saturday.

The museum will provide exhibition docent program focused on artifacts that BTS members have shown interest in, including items such as sangyeo (bier decorations). The program is available in English, Japanese and Chinese.

Visitors can also take part in traditional games featured in the holiday episodes of BTS's YouTube series "Run BTS!," such as tuho (arrow throwing), paengichigi (spinning tops) and jegichagi (Korean shuttlecock kicking), at the K-zone outside the exit of Permanent Exhibition Hall 1.

This article is by Han Young-hye and read by an artificial voice.

More than a third of children's headphones tested from AliExpress, Temu and Amazon contain harmful substances far exceeding Korean safety limits, a government agency said on Thursday.

Tests conducted by the Korea Consumer Agency found that of 20 children's headphones sold on such platforms, 35 percent failed to meet safety requirements.

Seven products contained phthalate plasticizers, known to cause adverse effects on human health, at levels up to 200 times higher than the domestic limit of 0.1 percent. Four of those products also exceeded the lead limit of 100 milligrams per kilogram (1 part per million) by up to 39 times.

Phthalates, classified as endocrine disruptors, can harm reproductive function and development, while lead — a carcinogen — can cause reduced cognitive development, loss of appetite, anemia and muscle weakness.

Children's headphones sold in Korea must obtain safety certification under the Special Act on the Safety of Children's Products. However, overseas purchases for personal use can be made without separate safety verification.

The agency said it has shared the findings with the platforms and recommended blocking sales of the products.

AliExpress and Temu said they have halted sales of the items, while Amazon did not respond.

The agency noted that headphone use among children has been rising due to online learning, gaming and long-distance travel, and said it will continue monitoring overseas products to prevent the distribution of unsafe items in Korea.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.

This article is by Sarah Chea and read by an artificial voice.

Alongside the Cayenne, the luxury German marque also plans to roll out four models in Korea this year alone, including a Korea-exclusive Panamera variant and 911 Turbo S.

The EV-focused strategy comes as Korea has become a particularly robust market for Porsche's electrified portfolio, where more than 60 percent of all Porsches sold last year were electrified, nearly double the global average of 35 percent.

The Cayenne Electric, which will hit the Korean road in the second half, produces up to 1,156 horsepower, while peak torque reaches up to 153 kilogram-meters (1106 pound-feet). It sprints from a standstill to 100 kilometers per hour (62 miles per hour) in a mere 2.5 seconds, and achieves a top speed of 260 kilometers per hour.

Most notably, all Porsche EVs in Korea will exclusively use Korean-made battery cells. Cayenne Electric is topped with batteries from LG Energy Solution, while the Macan Electric, previously fitted with cells from CATL, has been switched to Samsung SDI batteries.

A defining visual feature is the sweeping curved display, which employs advanced panel technology from LG Display.

"Korea's share within our region has increased from 24 percent in 2018 to 19 percent in 2025, which reflects the strong customer loyalty and deep brand trust that Porsche has built in the Korean market," Dr. Christiane Zorn, vice president of overseas and emerging markets region at Porsche AG at the unveiling media event on Thursday in eastern Seoul.

"Korea is a market with a strong passion for individual expression and personal taste," Zorn added. In response, we are further increasing our exclusive option rate and strengthening our individualization programs."

Above all, the sticker price of Cayenne Electric has been set at 163.8 million won ($109,000) in Korea, undercutting both its hybrid and internal-combustion counterparts.

"It was an extraordinarily difficult decision to bring the vehicle in at this price point, given oil prices and exchange-rate pressures," said Stephan Cho, director of product and service at Porsche Korea. "But it also proves Porsche's commitment to staking its future on electrification in the Korean market."

Porsche Korea also said it will double its service network by 2030.

Porsche sold 10,746 vehicles in Korea last year, up 30 percent on year, making it the brand's fifth-largest market worldwide.

This article is by Cho Jung-woo and read by an artificial voice.

Could using AI to write Korea's college entrance exam help with setting an "appropriate" level of difficulty?

After criticism that the English section of the 2026 College Scholastic Ability Test (CSAT), or suneung, contained extremely difficult questions, the Ministry of Education proposed a new approach last month to bring AI into the test-making process.

Officials said the unusually high level of difficulty stemmed in part from a late-stage overhaul of the exam. Around 42 percent of the questions were replaced shortly before the exam date, leaving authorities with limited time to review the test.

The ministry now plans to develop an AI-based system to generate English reading passages, which are typically adapted from published materials. System development is scheduled to begin in the second half of this year, with pilot use in mock exams to start as early as next year.

Why it matters

Last year, the CSAT English section became the center of controversy when only 15,154 students received a Grade 1, the highest mark on a scale from one to nine. At 3.11 percent of test takers, that figure is the lowest since the absolute grading system was introduced for the English portion of the exam in 2018. The English selection, unlike the Korean language and math sections, is graded on an absolute scale.

That grade carries weight not only for students in the regular admissions track, known as jeongsi, but also for those admitted early with conditional offers that hinge on a minimum CSAT score.

More generally, the suneung, administered once a year in November, is considered a decisive gateway to the country's top universities, which, in turn, is widely viewed as a guarantee of future success.

As a result, even small shifts in difficulty can provoke intense scrutiny, so much so that Oh Seung-keol, then-head of the Korea Institute for Curriculum and Evaluation (KICE), issued a public apology and resigned following public backlash last year over the notoriously difficult exam.

A temporary fix

Some experts say AI could help — at least in the margins.

According to Lee Byung-min, a professor of English language education at Seoul National University, the technology could improve the quality of the exam questions.

"There have been issues with selecting passages, with texts sometimes being incoherent, overly abstract or too short to provide context," he said. "If AI can help evaluate and refine these aspects, that could certainly be beneficial."

However, others warn that AI will not resolve more fundamental issues.

"The adoption of AI could help adjust the difficulty of the exam, given that test makers currently select the passages themselves," said Yoon Hee-cheol, a professor of English language and literature at Duksung Women's University. "But it also raises many concerns. Since the [...] writing is artificially generated, without extremely precise AI prompts, the passages themselves could become problematic."

The Education Ministry plans to create a support center to develop educational test items, including AI-generated English passages. It also proposed using AI to review questions and predict their level of difficulty.

Additionally, the ministry plans to increase the share of teachers among test developers from the current 33 percent to 50 percent to better reflect current students' academic levels.

Officials are also reviewing structural issues. Former President Yoon Suk Yeol previously described the CSAT as causing a "private education cartel," referring to how students are tested on content beyond what is taught inside the classroom, leading to a higher reliance on private education, such as after-school academies and tutors.

Consequently, he introduced a system to curb the cartel, with test makers being randomly selected from a pool of educators. However, the ministry now suggests that this may have affected the overall quality of the exam.

The exam-making process r...

The author is a business administration professor at Furman University and author of "The Story of Tariffs" (2025).

The won-dollar exchange rate rose sharply from 675 won per dollar in 1981 to 896 won in 1985. The surge in the dollar was not unique to Korea. The dollar index, which measures the greenback against six major currencies, jumped 88 percent from 85 in 1981 to 160 in 1985.

The roots trace back to the 1970s. Two oil shocks drove up global inflation and pushed economies into stagnation. In the early 1980s, the Federal Reserve raised its benchmark interest rate to as high as 21 percent in an aggressive bid to tame double-digit inflation.

Long-term U.S. Treasury yields remained above 10 percent and the U.S. economy rebounded strongly, reinforcing dollar strength. As the strong dollar swelled the U.S. trade deficit, President Ronald Reagan directed efforts to weaken the currency.

In September 1985, finance ministers from five major economies met at New York's Plaza Hotel and agreed to coordinated dollar depreciation, known as the Plaza Accord. The dollar index fell to 88 by March 1988, while the won strengthened to 669 per dollar the following year.

In 2000, amid the dot-com bubble and inflation concerns, the Federal Reserve raised rates to 6.5 percent, again lifting the dollar. The following year's September 11 attacks pushed the dollar index to 120 as investors sought safe assets.

Until then, dollar strength itself did not directly threaten the global economy. European and Asian economies benefited from increased exports to the United States, and oil prices remained relatively stable during periods of dollar appreciation.

The turning point came in 2008. The U.S.-originated global financial crisis sent the dollar index down to a record low of 72. At the same time, international oil prices surged. U.S. West Texas Intermediate crude reached a record $147 per barrel that year.

Rising demand driven by China's growth met constrained supply amid political instability in oil-producing countries. A global financial stress indicator, calculated by multiplying oil prices and the dollar index, exceeded 10,000 for the first time.

History repeated itself in the spring of 2022. As the Federal Reserve launched aggressive tightening, the dollar index rose above 100, while oil prices exceeded $120 per barrel following Russia's invasion of Ukraine. The stress indicator again crossed 10,000 and stock markets plunged.

Recently, U.S. airstrikes on Iran have pushed oil prices above $100 per barrel, while the dollar index hovers around 100. With global financial stress rising rapidly, the risk of a liquidity crunch is increasing.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.