PPP: Policy Secretary Kim is 'main culprit' of stock market chaos, demands dismissal

South Korea's main opposition party, the People Power Party (PPP), has sharply criticized Presidential Secretary for Policy Kim Yong-beom, blaming him for the recent extreme fluctuations in the domestic stock market. The PPP described the current market situation as a "cruel survival game" akin to the popular series "Squid Game," where fortunes can change overnight and investors face liquidation with a single sharp decline.

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The culprit of the 'Squid Game' stock market, all arrows point to Secretary Kim.

In a statement titled "The Culprit of the 'Squid Game' Stock Market, All Arrows Point to Secretary Kim," the PPP's senior spokesperson, Choi Bo-yoon, demanded President Lee Jae-myung hold Kim accountable. "Kim Yong-beom, the policy secretary, must apologize directly to the public immediately, and President Lee Jae-myung must hold him heavily responsible for the terrible failure brought about by hasty policies and dismiss Mr. Kim at once," Choi stated.

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Now, the South Korean stock market has become a cruel survival game where winners and losers are swapped overnight, and people's assets disappear due to forced liquidation with a single sharp decline.

The PPP alleges that Kim is at the heart of this crisis. They pointed to a private meeting Kim held in January with heads of securities and asset management firms, after which he revealed that he had raised the issue with the Financial Services Commission (FSC) and ordered a review. Within five months, single-stock leveraged ETFs, previously non-existent, were launched. The party noted that the FSC rapidly amended regulations and rules, a speed described as "unprecedented" by industry insiders.

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Secretary Kim Yong-beom must apologize directly to the public immediately, and President Lee Jae-myung must hold him heavily responsible for the terrible failure brought about by hasty policies and dismiss Mr. Kim at once.

Choi further asserted that the policy push by the Presidential Office and the subsequent compliance by financial authorities represent "the reality of Blue House-led crony capitalism" and are the main culprits behind the "tears of retail investors." The party warned that the price for turning the market into a "gambling den" and causing such hardship would not be taken lightly.

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The fact that the policy office pushed for it and the financial authorities gave in, this is the reality of Blue House-led crony capitalism and the main culprit that has made retail investors shed tears.