South Korea holds emergency meeting to address stock market plunge, leveraged ETF controversy continues to escalate

On July 29th, according to Jinshi, South Korean authorities will hold an emergency meeting on Wednesday evening to discuss recent stock market volatility and measures to stabilize the market. The meeting will begin at 6 PM local time (5 PM Beijing time) and will be chaired by Finance Minister Koo Yun-cheol, with the heads of major South Korean financial regulatory bodies in attendance. On the same day, the South Korean National Assembly held a hearing on the recent stock market crash. Several lawmakers attributed the market plunge partly to the single-stock leveraged ETFs launched in May this year. Koo Yun-cheol apologized for this at the hearing, admitting that regulators should have conducted a more thorough assessment before the product was launched. However, he insisted that leveraged ETFs were only one of several factors contributing to recent market turmoil. He stated: "We have implemented a series of response measures, but if necessary, we will take further action to help the market return to normal."