TOKYO — Few market visuals are more striking than the South Korean won and the Kospi index suddenly tearing off in opposite directions.
The won has slumped 4.5% this year, putting it among Asia’s weakest currencies. The Kospi, meanwhile, has exploded — up 85% since Jan. 1 and 200% over the past year. The frenzy propelling Seoul stocks to record after record is rooted in artificial‑intelligence mania. Tech giants SK Hynix, up 873% in twelve months, and Samsung Electronics, up 447%, are doing most of the heavy lifting.
The stock surge has given President Lee Jae‑Myung an almost sorcerous market aura. On the campaign trail before taking office in June 2025, he vowed to lift the Kospi to 5,000 – a target that implied doubling the index over his five‑year term. Instead, it blew past 8,000 in under a year (it’s currently at 7,815).
