Ruling Party: "Stock Market Shock Is Not an Issue of Economic Strength... We Will Do Our Best to Stabilize the Stock Market"

The Democratic Party of Korea said on the 6th that it would do everything possible to stabilize the stock market and protect investors, as domestic stocks faltered amid factors including the shock of a “Blue Wave”—a sweeping Democratic victory in the U.S. midterm elections.

The KOSPI plunged more than 8% within just over three minutes of opening that day, triggering a circuit breaker. It fell as low as 4,911.28 intraday, breaking below the 5,000 mark for the first time in nine months. As of 2 p.m., the KOSPI was at 5,107.45.

In a written briefing that day, Lee Joohee, a floor spokesperson for the Democratic Party, said, “The Democratic Party and the Lee Jaemyung government will make every effort to overcome this crisis.” She added, “The ruling party and the government will work as one to do their utmost to stabilize the stock market and ensure there are no gaps in investor protection. The National Assembly will strongly support the government’s measures with the necessary legislation and budget.”

Yonhap News Agency

“The current shock is not a matter of our economy’s ‘strength,’” Lee said. “The current account surplus in September was $61.46 billion, exceeding $60 billion for the first time ever in a single month. Annual exports are also on track to top $1 trillion this month.” She continued, “The Deputy Prime Minister for Economic Affairs cited experts’ forecasts that AI investment would continue and made clear that our economy’s fundamentals are stronger than ever. Even if the United States makes some changes to its systems, the Republic of Korea has sufficient strength and capabilities to weather the turbulence.”

She also outlined the government’s measures to stabilize the market. “The government said it would proactively prepare measures to prevent excessive market fluctuations and implement them at the appropriate time,” Lee said. “President Lee Jaemyung is also reviewing policy measures to normalize the stock market and has signaled that necessary steps will be taken, while Democratic Party leader Kim Minseok has urged the government and financial authorities to take swift and decisive stabilizing measures.”

She also called for cooperation from the People Power Party. “There can be no distinction between the ruling and opposition parties in the face of a crisis,” Lee said. “If the People Power Party is the opposition party of the Republic of Korea, it should help find solutions rather than simply blaming the government.”

This content was produced with the assistance of AI translation services.