The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: Jan. 16.
CIO questions sitting president for first time, Yoon remains silent
South Korea’s first interrogation of a sitting president occurred on Jan. 15 when President Yoon Suk-yeol was questioned by the Corruption Investigation Office for High-ranking Officials (CIO) on allegations of leading an insurrection and abusing authority. Detained at 10:33 a.m. and brought to a six-square-meter room at the Government Complex Gwacheon, Yoon refused to speak or allow video recording throughout the 10-hour, 40-minute session, which involved multiple investigators and covered issues such as martial law declarations and military deployments. Yoon’s legal team argued the CIO lacked jurisdiction and stated they would submit a written response later, while the CIO, which had prepared over 200 pages of questions, expressed confidence in building a case despite his silence. The interrogation concluded without Yoon reviewing or signing transcripts, rendering them inadmissible in court, and his lawyers have since petitioned the Seoul Central District Court, challenging the legality of his arrest and the CIO’s authority over insurrection charges.
Bank of Korea keeps rate at 3%, highlighting exchange rate and political uncertainty
South Korea’s central bank held its benchmark interest rate steady at 3.0% during its Jan. 16 policy meeting, pausing rate cuts initiated last October, citing heightened political uncertainties, sluggish domestic demand, and foreign exchange market turbulence, with the won-dollar exchange rate exceeding 1,460 won. While inflation has stabilized and household debt growth has slowed, the BOK attributed its decision to growing economic and political risks, including President Yoon Suk-yeol’s impeachment and martial law crisis, which have further weakened domestic demand. Despite calls for rate cuts due to sluggish growth and declining exports, the central bank aims to maintain the current rate to prevent capital outflows, particularly as U.S. economic strength and potential policy changes under the Trump administration could slow Federal Reserve rate cuts. The BOK projects Korea’s GDP growth at 1.9% this year, below its potential growth rate, amid weak retail sales and mixed export performance.
Samsung and SK Hynix rivaled by Micron’s advances in HBM technology
Micron Technology, the third-largest player in the global memory semiconductor market behind South Korea’s Samsung Electronics and SK Hynix, is gaining momentum with advancements in high-bandwidth memory (HBM) and low-power DRAM. Skipping the HBM3 generation, Micron began mass production of 8-layer HBM3E chips early last year and plans to launch 16-layer HBM3E chips nearly in tandem with SK Hynix in 2025. It has also become the primary memory supplier for Samsung’s Galaxy S25 flagship smartphones, leveraging its LPDDR5X chips, which outperform Samsung’s in power efficiency and performance. Micron’s DRAM market share rose to 22.2% in Q3 2024, driven by increased investments supported by the U.S. CHIPS Act, including a $7 billion HBM packaging facility in Singapore and planned HBM production facilities in Japan. While Micron’s HBM production capacity is expected to triple by late 2025, it still trails Samsung and SK Hynix in production capacity, yield rates, and dominance in HBM markets.
One minute, that’s all it takes to know about Korea. Click here ☞ https://page.stibee.com/subscriptions/305897
