The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: July 13.
Heat wave drives up agricultural prices in S. Korea
An unseasonably early heat wave this month has pushed up fruit and vegetable prices across South Korea, a phenomenon dubbed “heatflation.” Watermelon prices surged nearly 23% in a week to almost 30,000 won, marking a 36.5% increase from last year. Napa cabbage, radishes, melons, and white peaches also saw significant price hikes due to crop damage and limited supply. Chicken prices are expected to rise as demand grows during the summer Boknal season.
Lee dispatches special envoys to EU, France, UK, India
President Lee Jae-myung will send special envoys to the EU, France, the U.K., and India starting July 14 to promote South Korea’s global engagement and outline the new administration’s policy direction. Each delegation—comprising former ministers and Democratic Party lawmakers—will meet with key officials to boost cooperation in areas such as digital innovation, defense, climate change, and culture. Notable missions include enhancing the Korea-EU Strategic Partnership, expanding Korea-France industrial and cultural ties, deepening Korea-U.K. global cooperation, and celebrating the 10th anniversary of the Korea-India Special Strategic Partnership.
JPMorgan forecasts KOSPI to reach 5,000 within 2 years
JPMorgan has upgraded its investment rating on South Korean stocks to “overweight,” predicting the KOSPI index could surge over 50% to 5,000 within the next two years. This optimistic outlook is driven by the Lee administration’s aggressive corporate governance reform efforts aimed at eliminating the Korea Discount. While foreign buying has recently slowed, JPMorgan suggests global investors are likely awaiting better entry points, seeing volatility as a buying opportunity. The bank expects the KOSPI to trade between 3,200 and 3,500 for the remainder of this year, building on its impressive 32% year-to-date gain.
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