People Power Party leader Jang Dong-hyeok said on the 27th, "The government is trying to mobilize the national pension to rein in a burning exchange rate," adding, "Is the people's sweat and blood a petty cash box to cover the government's incompetence?"
At a supreme council meeting held at the National Assembly on the morning of the same day, Jang said, "Seeing the exchange rate break through 1,400 won, I thought a considerable crisis was materializing across the national economy, not only high inflation," and stated accordingly.
He went on, "With the current situation on the brink of breaking through 1,500 won to the dollar, the national economy is on the verge of collapse, and seven out of 10 large companies are struggling with a cash crunch and worrying about survival," adding, "But the measures the government has come up with are ridiculous. Do not raid the retirement funds of the public and future generations."
Jang also said, "(The won's depreciation) is the fault of an incompetent government that flooded the market with consumer coupons, driving up prices, and failed to manage the crisis due to misguided economic policies. Do not shift responsibility for the crisis onto the public," adding, "If annual cash investments of $20 billion (about 2.932 trillion won) into the United States begin, our foreign exchange market and economy will be hit by a nuclear bomb."
He continued, "The moment the exchange rate breaks through 1,500 won, our economy and livelihoods will be pierced, and the people's patience will also be pierced," adding, "The government must be held accountable. You can deceive the public for a moment, but you cannot deceive them forever."
On the 24th, as the exchange rate hit the 1,470-won range, the government activated a "four-party consultative body" composed of the Ministry of Economy and Finance, the Ministry of Health and Welfare, the Bank of Korea, and the National Pension Service. The consultative body reportedly discussed ways to lower the exchange rate by reducing the National Pension Service's share of overseas assets and using strategic currency hedges.