South Korean President Lee Jae-myung reshuffled the cabinet, nominated Lee Hyung-il, the first official of the Ministry of Finance and Economy, as Deputy Prime Minister and Minister of Finance and Economy, and nominated Kang Shin-cheol as Minister of Defense. Kang Hoon-sik, head of the South Korean presidential secretary's office, announced the cabinet reshuffle news at a press conference on Sunday. The restructuring also involved the Ministry of Justice, the Ministry of Land, Infrastructure, Transport and Tourism, the Ministry of Small and Medium Enterprises and Entrepreneurship, and the Ministry of Gender Equality and Family. Lee Jae-myung's approval rating hit a new low of 42% this week, and his government is facing challenges brought about by sharp fluctuations in housing policies and financial markets. Kang Hoon-sik said that the cabinet reshuffle is aimed at “revitalizing people's livelihood and the economy, stabilizing people's daily lives, and speeding up future industrial innovation.” When asked if the replacement of the Minister of Finance and Economy and the Minister of Land, Infrastructure, Transport and Tourism is related to the real estate market and stock market, Kang Hoon-sik said that the only criterion for restructuring is ability. He said that Li Jiong-il is the right person to achieve economic growth goals, and mentioned that at a time when inflationary pressure was rising due to the Middle East conflict, Li Jiong-il was responsible for implementing fuel price caps.

South Korean President Lee Jae-myung reshuffled the cabinet, nominated Lee Hyung-il, the first official of the Ministry of Finance and Economy, as Deputy Prime Minister and Minister of Finance and Economy, and nominated Kang Shin-cheol as Minister of Defense. Kang Hoon-sik, head of the South Korean presidential secretary's office, announced the cabinet reshuffle news at a press conference on Sunday. The restructuring also involved the Ministry of Justice, the Ministry of Land, Infrastructure, Transport and Tourism, the Ministry of Small and Medium Enterprises and Entrepreneurship, and the Ministry of Gender Equality and Family. Lee Jae-myung's approval rating hit a new low of 42% this week, and his government is facing challenges brought about by sharp fluctuations in housing policies and financial markets. Kang Hoon-sik said that the cabinet reshuffle is aimed at “revitalizing people's livelihood and the economy, stabilizing people's daily lives, and speeding up future industrial innovation.” When asked if the replacement of the Minister of Finance and Economy and the Minister of Land, Infrastructure, Transport and Tourism is related to the real estate market and stock market, Kang Hoon-sik said that the only criterion for restructuring is ability. He said that Li Jiong-il is the right person to achieve economic growth goals, and mentioned that at a time when inflationary pressure was rising due to the Middle East conflict, Li Jiong-il was responsible for implementing fuel price caps.