Korea JoongAng Daily - Daily News from Korea

This article is by Choi Min-ji and read by an artificial voice.

A synth trumpet gives way to a distorted phaser effect, growing louder before dropping into a sidechain that builds into a screech as the entire thing starts all over again, punctuated by a single lyric: "Dopamine."

This isn't a hot EDM track — at least, not your typical ProTools production.

No decks, no loopers and no pad controllers. Every effect was done entirely with breath and vocal cords by Wing, a Korean beatboxer who rose to prominence after uploading "Dopamine," a YouTube video that has surpassed 45 million views as of March.

His upcoming first full-length album, named after the track that went viral and set for release in May, showcases that technique, with no instruments or background music featured.

Wing, whose real name is Kim Geon-ho, will prerelease another track from the album, "Phenomenon," on March 17.

Fellow beatboxer Hiss, whose real name is Oh Hyeon-seo, oversaw the production of Wing's album.

The two beatboxers also perform together in the beatbox group Beatpella House and placed second last year in the tag team division at the Grand Beatbox Battle, one of the world's largest beatboxing competitions.

While that success is no small feat in the community, the duo has bigger aspirations: to win a Billboard Music Award with its album.

The JoongAng Ilbo sat down with the two beatboxers at the JoongAng Building in western Seoul on Monday and spoke about the upcoming album and the appeal of their musical style.

The following interview has been edited for length and clarity.

Q. What does a typical day look like for you these days?

A. Wing: I go home around 6 a.m. after working through the night. Then I head to the practice studio around 2 or 3 p.m., warm up my voice and practice. If I have a performance in the morning, I sometimes go on stage with almost no sleep.

What can you tell us about the full-length album you are preparing?

Wing: "Dopamine" is both the name of the album and one of the tracks. All 11 tracks are solo beatbox pieces. I wanted to create music for the moments when I feel a dopamine rush or when someone else wants music that sparks that feeling.

You released Korea's first solo beatbox full-length album in 2019. What was that experience like?

Hiss: I did that when I was in high school. Of course, it failed. I am also preparing a full-length album now. I want to include every kind of music I can create. Some tracks will combine MIDI with beatboxing, not just beatboxing alone.

When did you two start beatboxing?

Wing: I started in the sixth grade of elementary school after watching my cousin do it. It looked cool. YouTube did not exist then, so I searched for videos on platforms like Pandora TV and practiced in front of a mirror. It took me two months just to make the basic sound.

Hiss: I started in my second year of middle school because a classmate of mine did it. Now, some people teach beatboxing lessons, but back then, we had no choice except to teach ourselves. I practiced with amateur beatboxers I met in online communities and entered competitions. Around that time, I also met Wing.

What drew you to beatboxing?

Wing: Once you feel the thrill of the sound coming out of your mouth, you cannot escape it. Even if Elon Musk offered 5 trillion won ($3.4 billion) to build a machine that could perform "Dopamine," it would not work. AI and robots cannot replace beatboxing. But any average person can create sound if they put in the effort. That is the appeal.

Hiss: The biggest challenges come from reality. Family members often oppose it, and people worry that you cannot make a living from beatboxing.

How did you deal with your parents' opposition?

Wing: My father said beatboxing could never move someone emotionally. But people feel emotion when they listen to Vivaldi's "The Four Seasons" (1725) even though it has no lyrics. I once told him, "If the future were so clear, you should have made money from stocks."

Hiss: The bathroom at ho...

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

[GIVE IT A GO]

Rocking gently on a sightseeing boat in the middle of the Han River on a breezy spring afternoon, I sip a cup of hot chamomile tea and watch the skyline of western Seoul glide past.

I have traveled the river many times before, but this time I boarded a cruise to take in the capital's most signature waterway at a slower pace.

From the launch of the Hangang Bus to the opening of a new cruise terminal in Yeouido, western Seoul, the city has been experimenting with new ways for people to experience the Han in recent years.

Another effort is Seoul Cruise, one of two companies offering sightseeing boat rides along the river .

Officially launched in October last year from the terminal in Yeouido, the cruise travels along the Han River to the Gyeongin Ara Waterway, stopping at Ara Gimpo Passenger Terminal and on to Jeongseojin in Incheon — reconnecting the two waterways for the first time in about 11 years.

Getting on board

Booking the cruise is simple enough. The website offers several packages, from basic daytime sightseeing rides to evening excursions featuring fireworks.

With a modest budget, I opted for the most straightforward option: the "Hi! Seoul Cruise," a daytime package that costs 25,000 won ($19) for adults. The hour-long route runs between Yeouido and the area near Seongsan Bridge.

Other packages cater to those looking for a more elaborate experience. Night cruises include live music performances and dinner buffet options, with prices reaching 119,000 won for adults for the dinner cruise package, which includes drinks such as beer and wine.

Cruises depart not only from Yeouido but also from the Ara Gimpo Passenger Terminal along the Gyeongin Ara Waterway.

For the package I selected, there were several departure options. The cruise runs at 2 p.m. and 4 p.m. on Mondays, Wednesdays, Thursdays and Fridays, as well as on weekends.

I initially chose Wednesday, hoping for clear skies for my first ride along the river. But my first attempt at boarding did not go as planned.

The day before my scheduled ride, the cruise company called to say the trip would be canceled. Only three passengers had booked that departure, the staff member explained, and at least 10 were needed for the cruise to operate.

I rescheduled for a Saturday afternoon slot instead, when more passengers were likely. This time, a KakaoTalk message arrived two days before the ride, confirming the trip and reminding passengers to arrive 10 minutes early with identification.

How to get to the terminal

The terminal, about a five-minute walk from Exit 2 of Yeouinaru Station, was large and new. As I walked in, I found a ticket counter and a small waiting lounge just before the boarding area. Passengers were asked to fill out a short boarding form available in Korean, English, Chinese and Japanese.

Soon after, I stepped aboard.

The ship was larger than I expected. Inside was a spacious hall lined with tables and chairs, a small stage and even an elevator connecting the decks, features that made the vessel feel more like a floating event venue than a sightseeing boat.

The company operates two vessels, Cruise No. 1 and Cruise No. 2. I boarded Cruise No. 2, a three-story, 668-ton ship with a capacity of 400 passengers. Its larger counterpart, Cruise No. 1, spans four stories and weighs 999 tons, which can hold about 800 passengers.

Upstairs, the second floor included a lounge with wide windows facing the river and a small snack counter selling drinks and desserts.

About 20 passengers boarded that afternoon, mostly Korean families and couples, along with one foreign family. With only a few passengers on board, the spacious vessel felt relaxed and unhurried.

At 4:02 p.m., the cruise slowly pulled away from the dock.

On the river

Soon after departure, I climbed to the top deck.

The open space was surprisingly large, wide enough that, for a moment, it felt like a small playground floating on t...

This article is by Lee Jae-lim and read by an artificial voice.

The AI boom is sending memory chip demand soaring — but don't expect new supply to catch up anytime soon. Even as Samsung Electronics and SK hynix ramp up spending, the bulk of their investments are going into infrastructure and advanced packaging rather than immediate wafer output, leaving shortages likely to persist into 2027.

Korea's two memory giants are channeling capital expenditure toward boosting manufacturing capabilities, but the industry says it will take time for the efforts to translate into meaningful relief. Much of the near-term spending is being directed toward converting existing lines to higher-end processes and expanding cleanroom infrastructure rather than immediately installing production equipment to boost wafer output. As a result, analysts say it will take time for the investments to translate into an actual wafer output increase, with significant supply relief unlikely before the second half of next year.

Demand, meanwhile, continues to surge. This year, a massive $650 billion investment in hyperscaling by U.S. companies by the likes of Microsoft, Alphabet, Meta and Amazon, AI data center construction and the release of Nvidia's new chip architecture, Vera Rubin, stand as the strongest drivers of memory consumption, underscoring the need for a significant expansion in global memory capacity.

"Memory supply growth is expected to be limited this year and next due to constrained cleanroom space across the industry," an industry source who requested anonymity said, pointing to a lack of highly controlled manufacturing space inside a chip factory where wafers are processed. "However, strong demand linked to AI is likely to keep supply shortages persistent."

Industry forecasts point to a booming semiconductor market. World Semiconductor Trade Statistics (WSTS) projects the global chip market will reach about $975 billion this year, up 25 percent from a year earlier. But analysts at Hyundai Motor Securities contend that the estimate may be conservative, predicting the market could climb to $1.3 trillion by 2026.

"Given the sharp surge in memory semiconductor prices, it is believed that the WSTS estimate is overly conservative," the brokerage said in a Feb. 27 report, adding that memory chips could account for more than 40 percent of the total market, an all-time high share.

Supply, however, remains constrained. According to the report, new fabrication capacity in Korea is unlikely to come online until the second half of 2027, meaning tight supply conditions will persist throughout the first half of next year.

A separate report by SK Securities highlighted exactly the same constraint: limited cleanroom space. The firm said capacity expansion remains restricted by a lack of available cleanroom square footage, with new fabs expected to be completed in the first half of 2027 and large-scale equipment investment beginning later that year.

Once those facilities are ready, the two Korean memory makers are expected to increase production significantly.

"By that time, each company is projected to have enough cleanroom space to support an additional capacity of 150,000 wafers per month," the report said.

Korean fab buildout timeline

This year, Samsung is prioritizing the conversion of its lines to memory chips at its Pyeongtaek campus in Gyeonggi and the acceleration of new facility construction at the site.

At the P4 plant, the company is upgrading dynamic random-access memory (DRAM) production to its latest 1c process, which will be used for high bandwidth memory (HBM) and advanced DRAM chips. Samsung aims to secure 1c capacity of more than 200,000 wafers per month by the end of the year through line conversion and additional equipment installation.

Construction of P5, which had previously been delayed during the semiconductor downturn, resumed this year with a timeline accelerated by roughly six months compared to earlier plans. The chipmaker is b...

Kim Myung-hwa

The author is a playwright and director.

Iran's old name was Persia. An ancient Greek tragedy titled "The Persians" (472 BCE) tells part of that story. Written by Aeschylus, the playwright who helped establish the basic structure of drama by introducing a second actor, the work depicts the Persian Wars that shaped the fate of early civilizations.

After winning the conflict, Greece emerged as a starting point of Western civilization and for centuries exerted a profound influence on human thought and culture. One cannot help wondering how history might have unfolded if Persia had prevailed instead.

Aeschylus himself fought as a soldier in the battles of Marathon and Salamis. His firsthand experience allowed him to portray the Battle of Salamis with unusual immediacy, giving the play lasting value as a historical source.

He describes how Greek warships used bronze rams mounted on their prows to smash the far larger but slower fleet of the Persian Empire. In modern terms the tactic resembles the use of inexpensive yet agile new weapons, something like drones used in contemporary warfare.

Yet Aeschylus did not revel in the arrogance of victory. Greeks of the time valued restraint and harmony and warned against hubris, the human arrogance that trespasses into the domain of the gods. They also tried to take responsibility for catastrophe caused by errors of judgment, what tragedy calls hamartia.

Aeschylus was especially sensitive to the danger of hubris. His works repeatedly reflect on how the pride of heroes who lose self control can lead to bloodshed and madness. "The Persians" follows the same path.

The play focuses not on the triumph of Greece but on the suffering and lament of the defeated Persians. It also reflects on the arrogance of a ruler who, in his zeal for conquest, even ordered a bridge built across the Hellespont, an act many in the ancient world saw as defying the order of nature and the gods.

As war continues in Ukraine and violence again spreads across the Middle East, the ancient warning sounds newly relevant. Cities burn, dark smoke fills the sky and cluster munitions fall on neighborhoods. In such brutal conflict it is hard to imagine a true victor. The spirit of Greek tragedy, which cautions against hubris and reminds rulers of the limits of human power, feels more urgent than ever.

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.

The author is a professor emeritus at Sungkyunkwan University Law School and former co-chair of the National Future Constitutional Reform Advisory Committee.

A recent survey has revealed the strong public demand for constitutional reform in Korea. According to a study of 12,000 respondents released by the National Assembly, about seven in 10 people, or 68.3 percent, said they support amending the Constitution. Support for revision exceeded opposition across all age groups, regions and political orientations. Among those who said they understood the issue well, the level of support was even higher.

Particularly noteworthy is the reason cited by supporters of constitutional reform. Among those who favor revision, 70.4 percent said it is necessary to respond to social change and new challenges. The Constitution is the supreme legal norm designed to guarantee the basic rights of citizens. When the social environment surrounding those rights changes, the system that protects them must also evolve.

Korea now faces an unprecedented set of overlapping crises. Rapid advances in artificial intelligence are transforming the social and economic landscape. At the same time, the country confronts a demographic cliff, regional population decline and the accelerating impact of climate change. None of these developments could have been anticipated in 1987 when the current Constitution was last amended. These structural shifts require a review of whether constitutional rights are adequately protected under new conditions and whether the Constitution should be redesigned for the future.

Public opinion regarding specific reform agendas reflects this trend. Broad support emerged for explicitly recognizing new constitutional rights, including the right to life at 85.9 percent, the right to safety at 87.2 percent and the right to informational self-determination at 79.9 percent. These responses suggest a strong public desire for a Constitution that more clearly safeguards the dignity and security of citizens in an era of rapid change.

Public awareness of forward-looking constitutional issues also appears to be growing. In the survey, 74.8 percent supported including a principle that national governance should consider the interests of future generations, including responses to the climate crisis. Meanwhile, 85.7 percent agreed that scientific and technological development should be harmonized with human dignity and fundamental rights.

No country in the world has yet incorporated provisions directly addressing artificial intelligence into its Constitution. If Korea were to draft constitutional provisions reflecting the realities of the AI era, it could provide a global precedent. Rather than responding passively to social transformation, constitutional reform should actively shape the future.

Many citizens also supported proposals to expand references to democratization movements in the Constitution's preamble. Among the events proposed, references to the May 18 Democratization Movement of 1980 received the highest level of support at 90.6 percent, followed by the June 10 pro-democracy uprising of 1987 at 73.9 percent and the Busan-Masan democratic protests of 1979 at 58.2 percent. Another 83 percent supported including the state's responsibility for balanced regional development in the Constitution, reflecting concern over widening regional disparities and the decline of local communities.

Debate over constitutional reform has continued for decades. Over the past 40 years, the issue has been widely discussed in academic circles and in the National Assembly. Including the most recent National Future Constitutional Reform Advisory Committee, the Assembly has established six advisory bodies on constitutional reform.

The survey results suggest that most citizens no longer want the issue postponed. Some 69.5 percent said the National Assembly should pursue a step-by-step reform approach, focusing first on areas where political agreement is possible...

Kim Ye-won

The author is a lawyer at the Disability Rights Law Center.

Ten days have passed since the new school year began. I recently spoke with a lawyer acquaintance who has long handled school violence cases. When I asked whether she was still busy these days, she replied that the number of cases keeps increasing. During the conversation I asked a sudden question: Her own child is in middle school. If her child became involved in a school violence case, how would she respond?

Her answer came without hesitation, and was unexpected. She said she would withdraw her child from school before the situation escalated into a formal school violence case.

I asked why someone who understands the system better than most and has extensive experience responding to such cases would think that way. She answered firmly that she knows too well the suffering a child would endure through the process and would not want her child to go through it. Her words seemed to reveal the stark reality of Korea's school violence system.

More than 20 years have passed since the enactment of the School Violence Prevention Act. The law increased public awareness of school violence. Yet each time a major incident has occurred, lawmakers have responded with partial revisions. As a result, the system has gradually become difficult for schools to manage.

In many ways, schools are turning into small courtrooms. When conflicts between students are reported as school violence cases, procedures begin immediately: investigations, written statements and records. Regardless of the severity of the incident, responses are increasingly shaped by the expectation of possible legal disputes.

Schools must produce extensive documentation, and many cases are transferred to the School Violence Countermeasures Deliberation Committee under local education offices. More than half of reported cases now move beyond the school into external review processes. Appeals are also rising, leading to administrative petitions and lawsuits. Problems that should be resolved in classrooms are turning into legal battles.

A policy that imposes disadvantages in college admissions on students found responsible for school violence adds further pressure. While the policy is often framed as promoting justice, its practical effects can be complicated.

Because records of school violence can directly influence university admissions, cases increasingly revolve around collecting evidence and managing official records rather than pursuing educational solutions. Students accused of violence may choose counter complaints or legal strategies instead of apologies and reconciliation. As the process escalates, the recovery of victims can become secondary.

Schools, meanwhile, face growing complaints and disputes, and teachers feel increasing pressure when intervening in conflicts.

Given this environment, more families now hire lawyers even before reporting school violence. This trend widens the gap in response capabilities. Families with financial resources often consult lawyers early and develop strategies before a case formally begins. They receive detailed advice on how to organize evidence and what statements to provide.

Students from families with less access to information or legal support struggle simply to navigate the complicated procedures. When supporting cases involving children with disabilities or migrant backgrounds the disparity becomes even more apparent. A system designed to protect students can in reality place vulnerable children at a disadvantage.

Schools should not function like courtrooms. Children who are still growing inevitably make mistakes and poor decisions. Violence cannot be justified. Yet the goal of education cannot be limited to punishment alone.

Education should also help students acknowledge wrongdoing, restore relationships and continue growing within their community. The current system is gradually losing that balance. It may be time to reconsider the structure of the scho...

Financial markets remain volatile in the wake of tensions in the Middle East, and borrowing costs for households and businesses are rising. Fixed mortgage rates at commercial banks are approaching 6 percent, and corporate bond yields are climbing; on Monday, yields on AA-rated corporate bonds reached the 4 percent range.

Higher global oil prices have also fueled inflation concerns and pushed up government bond yields, adding upward pressure to market interest rates.

Government bond yields had already been rising due to the rapidly growing public debt. The yield on the 10-year Treasury bond climbed from 2.76 percent a year ago to 3.739 percent on Monday, and the yield on three-year bonds rose from 2.56 percent to 3.43 percent during that same period. The increase reflects the expanding government bond issuance driven by fiscal deficits. The national debt is expected to reach 1.415 trillion won ($962 million) by the end of this year, which means the government's interest burden will continue to grow.

Despite this backdrop, the government and the ruling Democratic Party are considering a supplementary budget. President Lee Jae Myung signaled the possibility of an early supplementary budget during a Cabinet meeting on Tuesday, citing the need for additional fiscal support for small business owners and financially vulnerable firms.

Deputy Prime Minister and Finance Minister Koo Yun-cheol also said that the government will use all available policy tools, including a supplementary budget, to minimize any economic shocks and support livelihoods. The Democratic Party has pledged to swiftly review and pass such a plan.

Given concerns over the "three highs" of oil prices, inflation and interest rates following the Middle East conflict, fiscal support for vulnerable groups and struggling businesses may be necessary. As Koo noted, improvements in the semiconductor industry and higher securities transaction tax revenues could allow a supplementary budget without the issuance of new government bonds.

But fiscal caution remains essential. Using excess tax revenue for stimulus rather than for reducing debt could undermine fiscal stability.

Talk of a "cherry blossom supplementary budget," referring to an early spring spending package, should be approached carefully while monitoring international developments and oil prices.

If a supplementary budget follows recent moves to ease the procedures for preliminary feasibility studies, which have long served as a safeguard against wasteful public spending, it may appear to be a pre-election spending measure ahead of the June local elections.

A supplementary budget intended to support people's livelihoods must not become a tool for political giveaways. Public funds should not expand the national debt while being diverted into local projects designed to win votes.

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.

Samsung SDI warned that it will "not tolerate patent infringement or technological misappropriation" involving its prismatic battery technology, a design renowned for its structural safety that demands exceptionally advanced technical prowess.

"Prismatic battery technology and manufacturing processes carry extremely high barriers to entry, and a vast amount of know-how must be accumulated across materials, components, design, manufacturing and process engineering," said Joo Yong-lak, executive vice president and head of Samsung SDI's research and development center, during a speech at the InterBattery 2026 exhibition held at Coex in southern Seoul.

"It is not something that can be replicated in a short period of time. If we identify cases of technology theft or patent infringement, we will not stand idly by."

Prismatic batteries, which use a rigid metal casing, are known for their structural stability, durability and strong resistance to external shocks, as well as efficient use of internal space that facilitates increased energy density. However, commercialization remains tough due to the complexity of the technology.

Domestic rivals, including LG Energy Solution and SK On remain in the development stage of prismatic batteries.

Since Samsung SDI first filed a patent for prismatic battery technology in the United States in 1997, the company has registered more than 1,200 related patents.

"Chinese and Japanese competitors hold roughly 600 patents in this area, while domestic competitors have only around 30 to 40," Joo added.

Samsung SDI also unveiled "PrismStack," a new branding for its prismatic battery lineup at this year's exhibition. Its 700-watt-hour per liter high-energy prismatic battery was awarded the InterBattery Awards 2026.

"We are also considering how to further differentiate prismatic technology by integrating it with advanced materials," Joo said. "As a technology leader in this field, we are watching developments very closely."

This article is by Kim Kyung-mi, Lee Su-jeong and read by an artificial voice.

Korea's home appliance industry faces rising cost pressures as tensions around the Strait of Hormuz push up prices of key materials such as aluminum and sulfur along with shipping costs.

The impact of the Iran war extended beyond higher oil prices and exchange rates. Three-month aluminum futures on the London Metal Exchange reached $3,385.50 per ton on Monday, up about 26 percent from a year earlier, according to data from Trading Economics.

The price marks the highest level since 2022, when the Russia-Ukraine war disrupted global commodity markets. Aluminum plays a key role in electronics and home appliances. Manufacturers use it in smartphone frames, refrigerator coolant pipes and evaporators, as well as washing machine motors and control panels.

The recent surge reflects supply disruptions tied to Iran blocking the Strait of Hormuz, which came after U.S.-Israeli airstrikes on Iran on Feb. 28. The Middle East produces about 10 percent of the world's aluminum, the second-largest share after China, which accounts for about 59 percent.

Like crude oil, aluminum shipments from the Middle East pass through the Strait of Hormuz before reaching global markets. Major smelters in the region including Emirates Global Aluminium, Aluminium Bahrain and Saudi Arabia's Maaden have reportedly warned some customers about potential delays in deliveries.

Prices of sulfur have also surged. International sulfur prices recently reached about $661 per ton, roughly 90 percent higher than a year earlier. Sulfur is used to make sulfuric acid, a key chemical used to extract metals such as nickel and copper. Disruptions in supply could, therefore, affect global metal production.

Shipping restrictions through the Strait of Hormuz could lead to shortages of sulfuric acid and force some smelters to cut production, a report from Samsung Futures said.

Nickel producers in Indonesia and copper mines in Africa depend heavily on sulfuric acid from the Middle East. The region supplies about 25 percent of the world's sulfuric acid. If sulfuric acid shortages push up production costs for metals such as nickel and copper, prices could also rise for products that use those metals, including home appliances and batteries.

The rising costs come at a difficult time for Korea's appliance industry, which already faces weak global demand and slowing market growth.

Rising logistics costs add further pressure. The Shanghai Containerized Freight Index reached 1,489.19 on Friday, up 156.08 points from Feb. 27. The increase nearly doubled the 81.65-point rise recorded a week earlier.

Freight rates on Middle East routes climbed particularly high. Shipping costs reached $2,287 per 20-foot equivalent unit, up 72.3 percent as fuel costs and insurance premiums rose.

"Electronics companies will have no choice but to use higher-cost logistics options to maintain production continuity even if transport costs rise," Samil PwC Business Research said in a report. "That could hurt profitability."

Industry officials say the biggest concern is that the crisis could continue for an extended period.

Korean appliance makers have already faced financial pressure. In the fourth quarter of last year, Samsung Electronics recorded an operating loss of 600 billion won ($407 million) in its Digital Appliances and Visual Display divisions, after posting a profit a year earlier. The loss followed another operating loss of 100 billion won in the third quarter of 2025.

During the same period, LG Electronics recorded a combined operating loss of 432.6 billion won in its Home Appliance Solution and Media Entertainment Solution divisions. The latter division, which oversees the company's television business, has posted losses since the second quarter of last year. The division's annual operating loss reached 750.9 billion won.

Weak profitability in TVs and appliances pushed LG Electronics into its first quarterly operating l...

This article is by Jeong Jae-hong and read by an artificial voice.

The Financial Supervisory Service has begun an on-site inspection of Toss Bank after a glitch caused Japanese yen to be traded at roughly half price on the finance app.

The regulator is inspecting on Wednesday to determine the cause of the foreign exchange system error and the actual scale of losses, according to industry sources.

The problem occurred for about seven minutes at 7:29 p.m. Tuesday. During that period, customers exchanging won for Japanese yen were quoted about 472 won (32 cents) per 100 yen (63 cents). The normal rate at the time was about 934 won per 100 yen, meaning the currency was traded at roughly half its actual value.

Trades were made during that window as automatic buy orders were filled and users who logged in after receiving alerts about a sharp drop in the exchange rate bought yen. Toss Bank temporarily suspended yen exchange transactions immediately after recognizing the error and restored the service around 9 p.m., about two hours later.

Toss Bank is internally estimating its losses at around 10 billion won, according to industry sources.

Financial authorities and Toss Bank plan to determine the exact transaction volume and the cause of the error before discussing whether the trades should be canceled and how customers should be compensated. Whether the trades can be canceled, however, is likely to become a point of contention.

Hana Bank had a similar incident in February 2025, in which the Vietnamese dong was mistakenly quoted at one-tenth of its normal rate. At the time, the transactions were canceled under a provision of the Electronic Financial Transactions Act.

In this case, however, some in the financial industry say a legal review is needed to determine whether the same provision can be applied because the price gap was about half, not one-tenth.

"One-tenth of the normal price is a clear error," a financial industry official said. "But when the exchange rate is off by about half, it is necessary to determine whether the trades can be canceled. Separate from whether the trades are canceled, a compensation plan for customers also needs to be put in place."

The occurrence follows a string of incidents caused by system input errors, which has the industry on alert.

Cryptocurrency exchange Bithumb mistakenly gave out 620,000 bitcoins, at the time worth $40 billion, after entering the wrong unit for an event prize in February. The incidents have renewed calls to strengthen financial IT system management and internal controls.

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.