(3rd LD) Presidential policy chief Kim resigns

SEOUL, Sept. 1 (Yonhap) -- Presidential chief of staff for policy Kim Yong-beom has tendered his resignation, and President Lee Jae Myung has accepted it, a presidential spokesperson announced Tuesday. Kim submitted his resignation the day before, and Lee accepted it earlier on Tuesday, spokesperson Kang Yu-jung announced during a press briefing.

No reason was given for Kim's resignation, but the move follows a surge in criticism that single-stock leveraged ETFs, launched in May under his leadership, may exacerbate stock market volatility.

Kim has been serving in his role as presidential policy chief since the Lee administration's inception in June of the previous year. This departure follows a significant Cabinet reshuffle announced on Sunday, during which Lee appointed six new Cabinet members, including the justice and defense ministers. The changes came as Lee's approval rating plummeted to its lowest point since assuming office, mainly due to escalating housing prices and stock market instability.

As the country's benchmark Korea Composite Stock Price Index (KOSPI) peaked at a record 9,114.55 points in June, it has since declined to around 6,730 as of Tuesday morning. In a follow-up press briefing, a presidential official stated that Kim's resignation aimed to expedite and invigorate policy implementation. The official added that Cheong Wa Dae would seek to appoint Kim's successor in a way that would prevent any disruption to state administration.