President Lee Calls for Policies to Support Young People Amid Widening Asset Disparities

SEOUL, June 23 (Yonhap) -- President Lee Jae Myung on Tuesday called for state policies supporting young people, pointing out that recent booms in the semiconductor and stock markets have widened asset disparities, leaving many young people behind.

The president made the remarks while presiding over a Cabinet meeting amid concerns that the record high stock market boom has widened asset disparities between stock investors and non-investors.

The benchmark Korea Composite Stock Price Index (KOSPI) was trading above 9,100 points Tuesday, a sharp rise from a year ago, when the index was in the mid- to high-2,000 range. Semiconductor shares have driven the upsurge amid increased demand for artificial intelligence-related chips.

"The semiconductor boom resulted in a stellar surge in the stock market, but it has also cast a shadow of asset polarization as its flip side," Lee said.

The president described younger generations as the largest group left behind by the boom, with fewer opportunities to accumulate assets through stable jobs or income.

"The government should painfully acknowledge the sense of isolation voiced by young people who say that record high bonuses and KOSPI figures feel like stories from another world," the president noted, calling for comprehensive policies to provide them with more opportunities.

Lee instructed officials to swiftly pursue policies to "expand the ladder of opportunities for young people across all areas of life."