Kim Young-jin of the Democratic Party of Korea, regarded as an "original pro-Lee," said on the 27th that those responsible for introducing "single-stock leveraged exchange-traded funds (ETFs)," which greatly heightened stock market volatility, should in effect take responsibility by stepping down.
That morning on MBC Radio's "Kim Jong-bae's Focus," Kim was pressed by the host, who noted, "If the Democratic Party convention is over, the convention bounce (in approval ratings) should appear, but it hasn't."
In response, Kim said, "We are now past the honeymoon period of the Lee Jae-myung administration and into the second year," adding, "Because the public's approval (ratings) rise only when they feel their lives have improved as a result of the Democratic Party and Lee Jae-myung administration's policies, it is not easy for approval ratings to rebound on the back of temporary events."
On the recent decline in President Lee Jae-myung's job approval, Kim said, "On real estate, as the Democratic Party was dramatically increasing supply, we should have complemented that with tax policy, but because taxes were levied first without a supply policy in place, the backlash was considerable."
In particular, Kim said, "Second, in fact, the stock market had a large impact," adding, "Because of the single-stock leveraged ETF, the sense of loss and damage among market participants was considerable."
When the host asked, "What do you think about those who drafted and pushed the single-stock leveraged ETF?" Kim answered, "They introduced the policy far too short-sightedly, and because it was introduced without preparation, it dealt a tremendous shock to stock market participants. Some degree of responsibility is needed."
When the host followed up, asking, "Do you think they should step down?" Kim emphasized, "Including that (option), we need to make a broad judgment and decision on several matters. Simply letting it pass as is is not appropriate."
To the question, "Do you think they could be subject to a Cabinet reshuffle?" Kim said, "Appointments are the president's authority, but there is a need to consider various aspects of public sentiment and deliberate."