(URGENT) Presidential chief of staff for policy Kim Yong-beom offers resignation, Lee accepts: spokesperson

SEOUL, Sept. 1 - President Lee Jae Myung has accepted the resignation of Kim Yong-beom, the presidential chief of staff for policy, a spokesperson confirmed Tuesday. Kim tendered his resignation the day before, said spokesperson Kang Yu-jung at a press conference. No reason was given for Kim's departure, but his resignation follows criticism over single-stock leveraged exchange-traded funds (ETFs) introduced in May under his tenure, which some believe may be exacerbating stock market fluctuations.

Kim has been in his position since the start of Lee's administration in June of the previous year. Kim's resignation coincides with a Cabinet reshuffle that occurred on Sunday, during which Lee appointed six new Cabinet members, including the justice and defense ministers. This comes as Lee's approval rating has dropped to its lowest level since assuming office, particularly among younger voters, primarily due to concerns over soaring housing prices and market instability.

The country's main stock index, the Korea Composite Stock Price Index (KOSPI), reached a record high of 9,114.55 points in June but has since slipped to around 6,730 as of Tuesday morning.