Daily Update–April 3

South Korea

Politics — South Korea, the United States, and Japan kicked off joint drills to counter North Korean submarines on Monday. South Korea is dispatching the Kang Gam Chan destroyer to the three-day long exercise (Yonhap). The drills come at a time of heightened tensions on the Korean peninsula. They are a result of dialogue in December, following North Korean SLBM tests last year (Korea Times). The drills will focus on searching, identifying, and tracking a mock North Korean submarine.

Moon Jae-in won the Democratic Party nomination in the race to the Blue House. Moon swept the primaries and secured 57% of the vote. An Hee-jong won 21.5% and Lee won 21.2% (Korea Times). Moon’s blowout win was expected, as he has been steady at the top of national polls throughout the nomination process and since the impeachment motion passed the National Assembly. Many polls, such as a Gallup Korea Poll conducted the Friday before the Court’s decision, has placed Moon with almost double the next candidate’s approval rating. In the Gallup Poll, Moon secured a 32% approval rating while An Hee-jong took a meager 17%. Ahn Cheol-soo, another leading candidate only secured 9% in the poll (Business Insider).

Economy— South Korea’s first online bank opened on Monday, the first addition to Korea’s banking sector in 25 years. Interest in the bank was promising, as 20,000 new people opened accounts and 1,000 loans were issued. K-Bank is targeting the mid-rate loan market, known as those with a loan score of 4-7 on a scale of 1 to 10 (Joongang Ilbo). K-Bank hopes to offer less burdensome rates through its cost-cutting measures. Kakao Bank, K-Bank’s main competitor, is expected to gain approval soon.

Culture— For the K-pop fans of the world, Seo Taiji, a legendary artist in Korea, will hold a 25-year anniversary concert in September. The concert will take place on September 2, and will be a one-day event (Yonhap). Seo Taiji got his break in music as a member of Seo Taiji and Boys, the group which featured Yang Hyun-suk, the current leader of YG Entertainment. His most recent album, Quite Night, was headed by the title track Sogyeokdong, a collaboration with singer IU (Youtube; Youtube)[1].

North Korea

President Donald Trump remains slightly ambiguous yet positive on solutions to the North Korea issue. He views North Korea as one of the greatest security risks in the world. In an interview with the Financial Times, President Trump expressed strong indications that he may try to reach a deal with Xi Jinping during their meeting in Florida this week. “China has great influence over North Korea. And they will either decide to help us with North Korea, or they won’t,” he said in the interview. The administration accelerated a review of North Korea policy, possibly in order to preview options before the summit. Trump also expressed his strong desire to resolve the issue, even without China’s assistance. In the interview, he hinted at the possibility of solving the issue one-on-one with Pyongyang (Financial Times). There was no indication of a shift in Trump’s thinking on the North Korea issue. For a good analysis of this interview, see this NKNews article.

Notes:

[1] The first link is to the Seotaiji version of the song, while the second is to IU’s. The song is recorded to tell a story from a dual perspective, hence the two music videos and recordings.

Correction:

April 4: A previous rendition of this post incorrectly stated that Seotaiji started in music with Seotaiji and Boys. However, Seotaiji founded his first band, metal group Sinawe, before the founding of Seotaiji and Boys. The band Sinawe was founded when Seotaiji was 14.