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SOUTH KOREA: President Yoon To Meet Ruling Party Leader Amid Confidence Crisis

SOUTH KOREA
EM BulletHomepagemarkets-real-timeAPACPolitical RiskPolitical Risk BulletBulletSouth KoreaGlobalEmerging Market NewsRegion

Yonhap News Agency reports that President Yoon Suk-yeol will hold a one-on-one meeting with ruling People Power Party (PPP) leader Han Dong-hoon after next week's regional by-elections, despite repeatedly rejecting Han's earlier requests for a meeting to discuss pressing issues.

  • Both Yoon and the PPP are growing through a public confidence crisis, with the opposition Democratic Party of Korea (DPK) ramping up calls for the impeachment of the embattled head of state over First Lady Kim Keon-hee's alleged interference in a general election and her receipt of a luxury handbag.
  • The PPP suffered a setback in the April election, staying short of simple majority (albeit averting the worst-case scenario whereby the DPK would have a 200-seat supermajority). Meanwhile, Yoon's approval ratings still sit close to record lows, and over the summer more than a million citizens signed a petition urging lawmakers to impeach the President.
  • The President's ties with the PPP have also become more difficult recently, with the party's internal factional divisions largely defined by their relations with the President. PPP lawmakers are often classified as "Chin-Yoon" (pro-Yoon), "Bi-Yoon" (non-Yoon) or "Ban-Yoon" (anti-Yoon).
  • Despite once being seen as Yoon's close ally, Han's relations with the President soured amid differences over the appropriate response to allegations targeting the First Lady, as well as their divergent views on the contentious medical system reforms. The conflict has amplified a sense of crisis in the ruling camp.
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Yonhap News Agency reports that President Yoon Suk-yeol will hold a one-on-one meeting with ruling People Power Party (PPP) leader Han Dong-hoon after next week's regional by-elections, despite repeatedly rejecting Han's earlier requests for a meeting to discuss pressing issues.

  • Both Yoon and the PPP are growing through a public confidence crisis, with the opposition Democratic Party of Korea (DPK) ramping up calls for the impeachment of the embattled head of state over First Lady Kim Keon-hee's alleged interference in a general election and her receipt of a luxury handbag.
  • The PPP suffered a setback in the April election, staying short of simple majority (albeit averting the worst-case scenario whereby the DPK would have a 200-seat supermajority). Meanwhile, Yoon's approval ratings still sit close to record lows, and over the summer more than a million citizens signed a petition urging lawmakers to impeach the President.
  • The President's ties with the PPP have also become more difficult recently, with the party's internal factional divisions largely defined by their relations with the President. PPP lawmakers are often classified as "Chin-Yoon" (pro-Yoon), "Bi-Yoon" (non-Yoon) or "Ban-Yoon" (anti-Yoon).
  • Despite once being seen as Yoon's close ally, Han's relations with the President soured amid differences over the appropriate response to allegations targeting the First Lady, as well as their divergent views on the contentious medical system reforms. The conflict has amplified a sense of crisis in the ruling camp.