[Kang Hyeon-cheol Column] "5000 vs. 1500": The Troubling Government-Driven Asset Bubble (January 20, 2026)

All bubbles eventually burst.

A KOSPI index of 5000 against an exchange rate of 1500 won per dollar — these are symbolic figures that reveal the true state of the Korean economy. While the KOSPI races toward 5000, the value of the won is plummeting toward 1500 won to the dollar.

Even now, the government must shed the illusion of "debt-driven growth," reduce wasteful expenditure to restore fiscal soundness, and refrain from policies that fuel asset market bubbles.

In addition, regulations that constrain business activity — such as the Yellow Envelope Act, the rigid 52-hour work week, and proposed legislation on the "presumption of employee status" — must be relaxed. Painful as it may be, strengthening the structural foundations of the economy is ultimately in the best interests of people's livelihoods.