The exchange won rate has not stopped falling.The No Japan movement is a campaign to buy domestic products.Nothing will change under the chaebol economy.
2022-02-08
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South Korean Industrial structure vulnerable to exchange rate fluctuations
South Korea's trade dependence on GDP is more than ７０ percent, including the service sector.In other words, domestic demand is low and foreign exchange is directly affected.Even if foreign demand is received, it does not circulate at home and flows abroad.If the person who made the purchase contract increases the dollar by ５% at the time of payment, the payment will increase by ５%.The won-dollar exchange rate is １,２００ won, but it has been hovering around １,２００ won in recent days.
Default due to bulk purchases
In order to maintain international competitiveness, chaebol companies such as SAMSUNG buy parts in bulk and produce them in bulk to reduce costs and sell them at low prices.In this case, large debts are always carried out and large payments are repeated, and problems arise when the value of the currency changes significantly during that period.This is the so-called default.Under these circumstances, the won's international credit rating has not increased, and South Korean companies can trade in dollars depending on the L/C of Japanese commercial banks.
South Korea experienced two foreign exchange crises in １９９７ and ２００８.No country will experience two foreign exchange crises in １０ years.In other words, South Korea's industrial form is vulnerable, and in short, it is trading beyond its currency capabilities.
Considering what Moon Jae In wants to do, the real intention is to socialize, control the currency, and stabilize the value of the won.Do you think the boycott is a campaign to buy domestic goods if it is reversed?
MEMO South Korea is listed by the FRB as a currency manipulator.
Only chaebol companies can grow
The reason why domestic demand is not expanding is the existence of chaebol companies.The role of chaebol companies in driving the Korean economy is important, but on the other hand, investment in chaebol companies is concentrated and other industries are not growing.In addition to the businesses run by chaebol companies, how can Korean companies grow globally?It can only be done with its own money without investment.
The boycott Japan fundamentally solves nothing
This structure will not change even if there is a boycott Japan.As a currency manipulator, even if it leaves the liberal economy, it will not change.It is necessary for the government to take the lead in fostering domestic demand and to attract investment in what industries to foster domestic small and medium-sized enterprises.The boycott Japan does not mean that South Korean domestic companies' sales will increase.
POINT Moon Jae In's term of office is less than three months, and criticism from his country seems to be gathering.I think it's quite late from Japan view.
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South Korean Foreign Minister Park Jin strives to resolve the forced labor and comfort women issue - What does the Korean economy, where the won continues to be weak, demand from Japan?
South Korean Ministry of Foreign Affairs is extremely knowledgeable
South Korea is keen on repairing Japan-Korea relations
Korea's diplomatic techniques that you can't let your guard down
True feelings about getting close to Japan
Excited about swapping
To what extent will the Japan-Korea issue be resolved
Clarify what relationship improvement means
Special treatment is over
South Korean Foreign Minister Park, who is visiting Japan, emphasized that regarding the issue of labor recruitment lawsuits, ``We are making efforts within South Korea to find a desirable solution before cashing out,'' and added, ``The Japanese side also responded with a sincere response.'' I would appreciate it if you could give me that."
Mr. Nukaga, who met with him after the meeting, told reporters that he "intended to respect" the 2015 comfort women agreement that confirmed the "final and irreversible resolution" of the comfort women issue. I made it.
The current Yun Seok-Yue administration appears to be eager to repair relations with Japan. Before he took office as president, he sent a delegation of members of Congress to express his sincerity, and after taking office, the Minister of Foreign Affairs has shown an attitude of fully accepting the intentions of the Japanese side. But don't let your guard down.
The South Korean government's approach so far has been to extract some kind of concession from Japan, take it as a diplomatic credit, and then try to make a temporary move, and the pattern is to come back to it again and again.
Japan should negotiate without losing its stance that there is nothing Japan can do. In reality, the issue of post-war compensation has already been resolved in all agreements between Japan and South Korea.
The Korean won continues to be at a low price with no signs of rising. Due to the impact of interest rate hikes and the Bank of Korea trying to recover the won spent during the coronavirus pandemic, corporate investment will slow down. Since the won is not depreciating as sharply as before, it seems that the price is not falling off a cliff and is managing to cope even with the price dropping to around 1,300 won.
The US Federal Reserve has also begun withdrawing dollars from the market and raising interest rates. The Korean government wants to carry out another swap and looks at the American expression, but its expression remains firm. That's why it's Japan. I would like to somehow conclude a swap with the key currency to provide peace of mind.
Although South Korea has experienced economic growth, its industrial structure is a chaebol economy that generates profits through processing trade through bulk purchases and bulk sales, so domestic demand never grows, and it is greatly affected by exchange rate fluctuations. The national debt is increasing, household debt has exceeded GDP, and land prices in Seoul continue to soar, making it difficult to see when they will rebound. There is nothing wrong with the fact that Won is vulnerable.
The Japan-Korea issue is not just about the forced labor issue or the comfort women issue. In addition to the Takeshima issue, South Korea has broken all of the agreements that Japan and South Korea have concluded to date. The Japan-Korea joint declaration was left blank. The issue of excluding countries from the White List stems from concerns about the transfer of funds to North Korea and third countries.
Just because the issue of forced labor, which is about to be turned into cash, and the issue of comfort women, where statues of comfort women are being erected all over the world, are recent issues, it is normalization because these two issues have been resolved. Would you? In the first place, when South Korea refers to normalization, it means that they want to go back to the days when they were given special treatment.
Why did South Korea become a white country? Why did Japan do swaps during two economic collapses? This is only because Korea was given special treatment. It should be made clear that there will never again be a time when relations are treated as special even though they have been normalized.
The South Korean government is responsible for the Korean government's refusal to allow its nationals to repatriate - Japan protected them out of human rights considerations.
The issue of forced labor and the issue of residents in Japan are related. Conscription on the Korean Peninsula took place from August 1944 until the end of the war the following year. Until then, Koreans on the Korean peninsula were not subject to conscription or conscription. Employment at Japanese companies is highly sought after, and despite being conscripted, Mitsubishi Mining received seven times as many applications as recruitment.
Normally, those living in Japan would be forced to leave because they are foreigners, but the reason why this is not the case is because of the 1965 Japan-Korea Status of Forces Agreement. The South Korean government at the time received a huge amount of aid, but refused to allow its citizens to return home. Since all Koreans in Japan were believed to be slave laborers who had been forcibly taken away from Japan, it would have been inconvenient for a large number of people who had experienced a different reality to return home. Japan restored diplomatic relations out of human rights considerations and guaranteed the Koreans' status in Japan.
As was made clear in the Gunkanjima issue, the recruitment at that time was legal recruitment under ILO standards. In terms of human rights issues, it lies with the South Korean government, which has refused to allow large numbers of its own citizens to return and has discarded them. That is a human rights issue. And what is being made a fuss about all this is the issue of conscripted labor.
The preamble of the Constitution lies at the root of South Korea's anti - Japanese sentiment.The reason for affirming anti - Japanese sentiment and excluding pro - Japanese sentiments is found in the
The preamble of the Korean Constitution states that 3.1 the legal system of the provisional government of the Republic of Korea will be inherited. Then, what is the March 1 Provisional Government of the Republic of Korea? It is an organization that called itself the Provisional Government and was established in 1919 as an anti-Japanese force. Looking at the contents of the charter, we see that the oath is strongly anti-Japanese: ``We will fight to the last man to indoctrinate Japan from barbarism.''
The preamble of the constitution describes the principles that govern the entire constitution. The structure of this idea is to inherit the legal structure of the March 1 Charter of the Provisional Government of the Republic of Korea. If we interpret these without contradiction, Article 21 of the latter part of the Korean Constitution states freedom of speech and Article 22 states academic freedom, but if we read it based on the preamble of the Constitution, we can see that 3.1 Legal framework of the provisional government It can also be interpreted as allowing freedom of speech and academics on the premise of inheriting the law. This is actually the case in Korea today.
If you look at the oath of the provisional government quoted in the preamble of the constitution, it clearly states anti-Japanese ideology. In the first place, the constitution should not quote anything or include language that assumes other countries.
In any case, as long as South Korea is under this constitution, anti-Japanese activities are always legitimate, and on the contrary, pro-Japanese activities are criticized as acts that destroy the legal system of the March 1 Provisional Government Charter and the Constitution. If members of the Diet follow the principle of adhering to the Constitution, then anti-Japanese members are conducting legitimate parliamentary activities. This is the main reason why it is said that #anti-Japan is South Korea's national policy.
How can the preamble of the Constitution be consistent with fundamental human rights such as freedom of speech, thought and belief, and academic freedom? There appears to be no case where a legal interpretation has been obtained in the Constitutional Court through a lawsuit or controversy that has raised this point. The Korean government is free to expand its interpretation as much as it wants. This is the case now, as seen in the No Japan movement, where anti-Japanese activities are legitimate activities, and pro-Japanese speech is denounced as ``traitors.'' Is this an exception to basic human rights, with speech affirming the era of Japanese rule being suppressed, or is anti-Japanese a duty of every Korean citizen as written in the Provisional Government's oath?
Provisional Government OathOathTo my 2,000,000 fellow citizens whom I respect and loveMarch 1st year of the Republic of Korea One day, since the Korean nation declared its independence, men and women, young and old, all classes, and all sects, of course, have come together to fight under the inhumane violence of Japan, the Germany of the East. The sympathy of the world is now suddenly focused on our people because they have expressed the character of a nation that is extremely patient with fairness, longs for independence and freedom for its people, and loves truth, justice, and humanity. It was at this time that the government was organized with the mandate of all the people of the country. I hereby swear that this government, together with all the people of this country, will work wholeheartedly to fulfill the great mission of restoring the nation and establishing its identity as a nation, observing the provisions of the provisional constitution and the principles of international society. My fellow countrymen, be inspired. Every drop of blood we shed is the gift of freedom and fortune to our descendants. It is the precious foundation for building God's kingdom. The way of our people will surely edify Japan's wild horses. Our justice truly trumps Japan's violence. My brethren, rise and battleto the last man.
3.1 The provisional government was the result of an anti-Japanese movement that occurred on March 1, 1919 under Japanese rule, and after that, Syngman Rhee established a provisional government in Shanghai, where he was in exile. This provisional government is considered the legitimate root of the Korean government, and Syngman Rhee became the first president of Korea after Japan's defeat. In other words, the Korean government itself is based on anti-Japanese organizations. Therefore, the Constitution will inherit the legal system of the Provisional Government Charter.
It is no wonder why this story has not been reported in Japan, but it seems safe to assume that there are almost no members of the Korean Diet who are not anti-Japanese. On the contrary, he says that it is impossible to become a member of the Diet while advocating pro-Japan policy. Rather than saying, ``Many South Korean parliamentarians are anti-Japanese,'' it seems more accurate to say, ``South Korean parliamentarians exist because they are anti-Japanese.'' South Korea will never become a pro-Japanese country. That future will never come. Will the South Korean government or National Assembly propose a constitutional amendment and delete the text written in the preamble? If that happens, the roots and identity of the Korean government will disappear.
Anti-Japanese activities are legitimate activities that are affirmed by the Korean Constitution. Depending on the interpretation, it can also be considered to be outside the scope of freedom of speech. We need to think about South Korea with this in mind.
Promise between Japan and Korea If you read the Korean news, They say that Japan and South Korea are using the Tokyo Olympics for political purposes, but they are not objective.This is because Japan has not done anything this time either.Prime minister Suga has done nothing but say that Moon Jae In will respond politely if she comes to Japan.Japan's attitude has not changed consistently, and the message has been conveyed to South Korea many times.Correction of violations of the 1965 Agreement, which was the basis for the restoration of diplomatic relations.This is all Japan has demanded, so there is no bargaining or anything.It was Moon Jae In who underestimated the issue and played tricks on it.
In addition, there are opinions that Japan and South Korea need to compromise and that the leaders of the two countries need to make a decision, but if Japan obscures the 1965 agreement, it will mean a break in diplomatic relations.The reason is that the agreement, which is a prerequisite for diplomatic relations, should be scrapped.The biggest problem is that the Korean people do not understand this and form public opinion.In other words, Japan will not budge an inch from implementing the 1965 agreement to prevent the South Korean government from breaking off diplomatic relations.In this respect, the act of drawing concessions from Japan itself is far from maintaining diplomatic relations.
Park Geun - hye's special pardon has been decided. What is Moon Jae - in planning? It's been 4 years and 9 months.
Former President Park Geun-hye, who was sentenced to 22 years in prison, was granted a special pardon on the 24th and will be free from midnight on the 31st. It has been 4 years, 9 months, and 1,736 days since he was arrested on March 31, 2017.
Former President Park expressed her gratitude to President Moon Jae-in. Lawyer Yoo said, ``I apologize to the people for causing so much worry.Also, thank you for your continued support and encouragement.Despite all the hardships, Moon Jae-in decided to be pardoned. I would like to express my great gratitude to the President and the government authorities.I would like to return to my job as a new soldier, concentrate on my treatment, and personally express my gratitude to the people as soon as possible,'' former President Park Geun-hye said.
The longest prison term for a South Korean president was former President Park Geun-hye's 1,736 days.
In August of this year, in the decision to parole the head of the Samsung Group, the opposition party mainly requested that Park Geun-hye be pardoned, but Moon Jae-in refused. Those seeking a pardon had called for Park Geun-hye's release on the grounds that it would eliminate the cause of national division, but the latest decision by the Blue House to grant the pardon is precisely to eliminate the division among the people.
It may be a naive point of view, but it is customary for South Korean presidents to be arrested for some crime once their term ends. Did Moon Jae-in think that Park Geun-hye would be pardoned no matter who the next president becomes? If she was to be pardoned anyway, I would be the one to be pardoned.
Does this mean that he is showing sincerity to the opposition and wants his prosecution to be overlooked? In any case, the 22-year sentence for bribery charges is shocking. This is a Japanese feeling, but since he was sentenced to prison for 4 years and 9 months, it is best that he was released.
Moon Jae-in won the presidential election despite having little political experience due to the impeachment of Park Geun-hye. Why was he pardoned at this time? It is said that Moon Jae-in was the one who sent Park Geun-hye to prison.
