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: Apr. 8.
Tariff shock hits Asian stocks, Korean won under pressure
Asian markets plunged on April 7 amid an escalating U.S.-China tariff war, with South Korea’s KOSPI down 5.57%, Japan’s Nikkei falling 7.83%, and Hong Kong’s Hang Seng plummeting 13.22%—its worst one-day drop on record. Foreign investors withdrew 3.27 trillion won from Korean markets, hitting major exporters like SK Hynix and Hyundai Motor.
The Korean won also weakened sharply to close at 1,467.8 per dollar, its steepest one-day drop in value in nearly five years, as investors fled to safer assets amid growing trade war fears. Despite the U.S. dollar’s broader decline, the won came under pressure due to Korea’s export-heavy economy and foreign sell-offs in the stock market.
Korean startups double down on infrastructure amid funding crunch
South Korean startups are accelerating infrastructure investments to strengthen logistics and technology operations, even amid a funding slowdown. Companies like Charan, Delivus, and LaundryGo are expanding facilities and automating systems to improve service quality and efficiency. AI startup Elice is building a data center in Busan to secure a foothold in the growing AI sector. With rising consumer expectations and stiff competition, startups are prioritizing operational control over short-term user growth.
Jeju Air crash followed last-minute runway switch, transcripts reveal
South Korea’s Jeju Air crash at Muan Airport last December occurred after air traffic control directed a last-minute runway switch just before landing, despite the pilot’s repeated requests to use a safer alternative. Communication records obtained by Chosun Ilbo reveal inconsistencies and questionable decisions, including a delayed go-around and possible misjudgment of engine trouble after a bird strike. Experts are urging the full release of tower-pilot recordings, warning that selective disclosure could hinder transparency and delay accountability.
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