South Korea's Lee hits record-low 45.9% approval
· UPIAug. 3 (Asia Today) -- South Korean President Lee Jae Myung returned Monday from a tour of the United States, South America and Germany facing growing public frustration over housing and stock market instability.
Lee's approval rating has fallen to its lowest level since he took office, raising questions about whether his administration can regain momentum in the second half of the year.
A Realmeter survey commissioned by Energy Economic News found that 45.9% of respondents approved of Lee's performance, down 0.4 percentage point from the previous week.
The rating declined for a third consecutive week.
Negative assessments rose to 50.5%, exceeding 50% for the first time since Lee took office.
The survey was conducted from July 27 through Friday among 2,508 adults nationwide. It had a margin of error of 2 percentage points at a 95% confidence level.
Realmeter said the decline reflected several overlapping controversies, including sharp stock market losses, volatility linked to single-stock leveraged exchange-traded funds, proposed changes to real estate taxes, debate over a constitutional amendment allowing a president to seek reelection and legislation abolishing prosecutors' supplementary investigative authority.
Stabilizing the stock and housing markets is expected to be among Lee's most urgent tasks.
South Korean stocks experienced extreme swings during his overseas trip, increasing concern among retail investors and prompting financial regulators to strengthen restrictions on leveraged investment products.
Authorities suspended new listings and advertising for single-stock leveraged products.
They also raised the minimum deposit required to make new or additional investments from 10 million won ($6,767), including substitute securities, to 30 million won ($20,300) in cash beginning Friday.
The government plans to assess whether the measures are reducing speculative demand before considering additional action.
Lee's administration also faces continued pressure over housing prices.
The government plans to revise a long-term property ownership tax deduction to place greater emphasis on actual residence.
It also intends to extend relaxed capital gains tax rules for owners of multiple homes through 2028 in an effort to encourage them to sell properties or convert them into primary residences.
Critics have questioned whether the tax changes alone will be sufficient to slow housing price increases.
Reducing political uncertainty presents another challenge.
The ruling Democratic Party and the opposition remain divided over legislation abolishing prosecutors' authority to conduct supplementary investigations.
The Cabinet could consider the bill as early as Tuesday, but debate is expected to continue over follow-up legislation and the possibility of gaps in criminal investigations.
Internal divisions within the ruling party could also affect Lee's ability to advance his agenda.
A closely contested Democratic Party leadership election has increasingly appeared to be a struggle for influence among factions aligned with Lee.
The political direction of the party's next leadership could affect coordination between the administration and lawmakers on economic policy and legislation addressing the cost of living.
How quickly the party resolves divisions exposed during the leadership campaign could also influence the administration's ability to regain public support.
-- Reported by Asia Today; translated by UPI
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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260804010000750