Yonhap News Summary

The Lee Jae Myung administration is placing increased focus on housing supply in Seoul due to the soaring property market, despite efforts like taxes and lending rules to prevent speculative demand. The government plans to construct over 230,000 more homes in the Seoul metropolitan area, including approximately 100,000 units on new housing sites, in addition to the earlier target of constructing 1.35 million homes by 2030.

President Lee Jae Myung has directed his aides to quickly implement defense reforms centered on a smart military and selective conscription, as the nation's low birth rate makes it challenging to maintain an inefficient military structure reliant on personnel and infantry. President Lee Jae Myung's approval rating has reached its lowest point since his inauguration, according to a recent poll, dropping to 49% from the previous 53%, a decline of 4 percentage points.

Seoul's stocks experienced a four-day rally driven by an increased demand for chipmakers, leading to a significant gain in the Korean won against the U.S. dollar. The Korea Composite Stock Price Index (KOSPI) closed at 6,813.34, marking a 3.56% increase after previously rising 0.65%, 0.73%, and 3.68% in the preceding three sessions.

A senior Pentagon official clarified that the new U.S. nuclear strategy is not intended to promote the potential use of theater-range nuclear weapons but to deter others from using them by establishing a clear threshold. Under Secretary of Defense for Policy Elbridge Colby made these remarks in response to recent reports about the Pentagon drafting a new nuclear strategy with a focus on shorter-range tactical weapons for regional conflicts.