Steven Borowiec

Seoul

Journalist at Freelance

Writer and Editor at Nikkei Asia

Nikkei Asia staff writer and editor in Seoul [email protected]

Articles

South Korea's Lee Jae-myung faces urgent task of engaging Trump

3 days ago | asia.nikkei.com | Steven Borowiec

SEOUL -- Following Lee Jae-myung's victory in South Korea's presidential election, the U.S. State Department issued a statement filled with standard phrases touting the "ironclad commitment" to the two countries' alliance and pledges to deepen three-way cooperation with Japan. In his inauguration speech on Wednesday morning, Lee also highlighted the importance of the U.S. alliance.
In South Korea election, voters seek economy fixes after 6 months of chaos

1 week ago | asia.nikkei.com | Steven Borowiec

SEOUL -- On the night of the final televised debate before South Korea elects a new president, supporters of various political movements converged en masse at the studio hosting the event. What they offered was a vivid demonstration of the raucous, divided state of the country's politics that awaits the victor in the June 3 election. After six months of strife in the streets and courts triggered by now-ousted President Yoon Suk Yeol's Dec.
Bank of Korea cuts key rate as growth expectations wane

1 week ago | asia.nikkei.com | Steven Borowiec

SEOUL -- South Korea's central bank cut its key policy rate 25 basis points to 2.50% on Thursday as it seeks to boost flagging growth. Last month, at the previous rate-setting meeting, the Bank of Korea held the rate steady at 2.75%, flagging uncertainty "due to changes in U.S. tariff policies," and "the high volatility of exchange rates and the trend of household loans."
South Korea Q1 GDP shrinks 0.2% as exports wane

1 month ago | asia.nikkei.com | Steven Borowiec

SEOUL -- South Korea's economy contracted in the first quarter of this year, as exports dipped and a monthslong political crisis weighed on consumption, according to central bank data released Thursday. The Bank of Korea said in an advance estimate that real gross domestic product in Asia's fourth-largest economy shrank 0.2% during the January to March period compared with the previous quarter.
South Korea's gender chasm: Women still consigned to dim job and life prospects

Mar 7, 2025 | asia.nikkei.com | Steven Borowiec

Use limited data to select contentPersonalised advertising, advertising and content measurement, audience research and services developmentStore and/or access information on a deviceYou can choose how your personal data is used.
Bank of Korea cuts key rate, meeting market expectations

Feb 24, 2025 | asia.nikkei.com | Steven Borowiec

SEOUL -- South Korea's central bank cut its key interest rate by one quarter of a percentage point to 2.75% on Tuesday amid projections of weak growth in Asia's fourth-largest economy. The decision was in line with expectations. Of 36 economists polled by Reuters from Feb. 14 to Feb. 20, all but one predicted a rate decrease of 25 basis points.
South Korea's Yoon draws support from casualties of cutthroat economy

Jan 30, 2025 | asia.nikkei.com | Steven Borowiec

CHANGWON, South Korea -- Watching images of raucous street protests in Seoul on his smartphone, author Chun Hyun-woo's eyes are drawn to the young men in the crowds yelling for South Korea's impeached President Yoon Suk Yeol to be returned to office. Chun sees the 20- and 30-somethings chanting slogans and waving placards as casualties of a harshly competitive economy. "They're looking for something to belong to," Chun, 34, told Nikkei Asia in an interview.
South Korean Q4 GDP expands 0.1% as consumption ticks up

Jan 22, 2025 | asia.nikkei.com | Steven Borowiec

SEOUL -- South Korea's economy grew slightly in the fourth quarter of 2024, driven by modest increases in private and government consumption, according to central bank data released Thursday, as the country grapples with its worst political crisis in decades. The Bank of Korea said in an advance estimate that gross domestic product in Asia's fourth-largest economy expanded 0.1% during the October to December period compared with the previous quarter.
Yoon supporters' courthouse riot deepens South Korean political crisis

Jan 20, 2025 | asia.nikkei.com | Steven Borowiec

SEOUL -- Impeached South Korean President Yoon Suk Yeol again refused to appear for questioning on Monday, his lawyers said, following an outburst of violence the previous day as his supporters broke windows while storming a court building. Early on Sunday morning, a justice at Seoul Western District Court issued a warrant to extend Yoon's detention on charges of insurrection following his attempt to impose martial law last month.
Yoon's security chief resigns as South Korea crisis intensifies

Jan 9, 2025 | asia.nikkei.com | Steven Borowiec

SEOUL -- The head of impeached South Korean President Yoon Suk Yeol's security service resigned on Friday, amid police scrutiny over his role in helping Yoon avoid arrest. Acting President Choi Sang-mok accepted the resignation of Park Chong-jun, head of the Presidential Security Service (PSS), Choi's office said. Although lawmakers voted to impeach Yoon in mid-December, he has not been formally removed from office and therefore retains protection from the PSS.