Deputy Prime Minister Choi Sang-mok to Japanese Media: "No Crisis Like the IMF"

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok stated on the 12th that there is no crisis like the 1997 International Monetary Fund (IMF) foreign exchange crisis in relation to the impeachment turmoil following the emergency martial law situation.

Yonhap News

In an interview with the Nihon Keizai Shimbun published that day, Deputy Prime Minister Choi pointed out that the current account balance remains in surplus and said, "The Korean economy has fundamental strength." Reflecting on the IMF foreign exchange crisis that dealt a severe blow to the Korean economy in the past, he emphasized, "There is no possibility of the same crisis occurring." This came as the Deputy Prime Minister stepped in to calm the situation amid fluctuations in the Korean stock and foreign exchange markets following the emergency martial law situation on the 3rd.

Deputy Prime Minister Choi also stressed that the current situation will not worsen Korea-Japan relations. He stated, "The favorable Korea-Japan relationship is irreversible and must not regress," adding, "No matter what situation arises, it cannot be undone." He further argued that "Korea has semiconductor manufacturing capabilities, and Japan excels in semiconductor equipment and materials," emphasizing that building a supply chain between the two countries is essential.

Earlier, it was confirmed that Deputy Prime Minister Choi attended the Cabinet meeting just before the martial law was declared. However, in this interview, he did not respond to questions about the related situation, saying, "I cannot speak about it," the media outlet added.