'Return to Korea' Investment Account Launches, Aiming to Boost Stocks and Stabilize Won

▲ The "Return to Domestic Market Investment Account (RIA)," which offers tax breaks to investors who sell overseas stocks and reinvest in the Korean market, was launched for the first time on Wednesday. With the won-dollar exchange rate breaching 1,510 won per dollar for the first time in 17 years, triggering an emergency in currency management, all eyes are on how effective the RIA — now available at more than 20 brokerages starting Wednesday — will prove to be. As volatility in the domestic stock market intensifies, so-called "seohak gaemi" (Korean retail investors in overseas stocks) appear busy recalculating their strategies. It would be wonderful if the RIA successfully takes root in the market and catches two rabbits at once — strengthening the domestic stock market and stabilizing the exchange rate.

▲ Jung Chung-rae, leader of the main opposition Democratic Party of Korea, publicly called on former Prime Minister Kim Boo-kyum on Wednesday to "run as the Democratic Party's candidate for Daegu mayor in the June 3 local elections." Speaking at a Supreme Council meeting held at Bonghwa Training Center in Gimhae, South Gyeongsang Province, Jung said Kim is "the definitive winning card who can lead the development of underdeveloped Daegu." However, given that Daegu is considered the toughest of tough territories for the Democratic Party, the party leader's official request seems to have come quite late. Could it be that the party is taking its time after watching the ruling People Power Party descend into bitter infighting over its Daegu mayoral nomination?