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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Welcome to the Daybreak Asia Podcast. I'm Doug Krisner. The

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Speaker 2: US equity market was in retreat in the last session.

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Speaker 2: We had the Dow, the S and P, and the

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Speaker 2: Nasdaq each down roughly three tenths of one percent. Strategist

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Speaker 2: at Bank of America noted the S and P is

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Speaker 2: trading at statistically expensive levels. Even Fetchhair J. Powell said

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Speaker 2: this week that equity prices are fairly highly valued. Meantime,

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Speaker 2: in New York, US Treasury Secretary Scott Besant reportedly met

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Speaker 2: with South Korean President Lee j Jung. The Chosun Daily reports.

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Speaker 2: Lee explained to Besant that South Korea and Japan are

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Speaker 2: very different in terms of economic scale, foreign exchange markets,

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Speaker 2: and infrastructure, and Lee went on to express hope that

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Speaker 2: trade negotiations would take those aspects into account. In a moment,

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Speaker 2: we'll bring you our exclusive conversation with South Korean Prime

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Speaker 2: Minister Kim Minsook, but we begin here in the States,

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Speaker 2: and our guest, Rebecca Wallser of Walls or Wealth Management.

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Speaker 2: She joins us here in the studio. Always great to

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Speaker 2: see you, Thanks so much for stopping by. So you're

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Speaker 2: here for client meetings, you're going to do some media

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Speaker 2: appearance as well. And I'm curious about what you're hearing

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Speaker 2: from clients right now. What are they saying about the

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Speaker 2: way in which this market's been behaving. Are they nervous?

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Speaker 3: You know, I think a lot of people are a

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Speaker 3: little past the nerves when all of the prognostications in

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Speaker 3: April that came out, when we had you know, obviously

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Speaker 3: Proclamation Day in the beginning of April, of what the

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Speaker 3: tariff's structure was going to look like, and really I

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Speaker 3: think the financial media kind of overkilled the message of Oh,

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Speaker 3: this is going to be absolutely horrific. The economy is

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Speaker 3: going to explode. Everything's going to go awful. It's going

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Speaker 3: to be massive inflation, you're going to lose jobs, you're

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Speaker 3: not going to get manufacturing to come back, You're going

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Speaker 3: to have all these problems. And so a lot of people,

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Speaker 3: Doug actually unfortunately not not our clients, because we weren't

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Speaker 3: saying that message, but a lot of people out there

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Speaker 3: actually went ahead and really took that advice to heart

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Speaker 3: and so and missed out, yes, missed out on some

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Speaker 3: of these big tech you know wins, these big IPO wins,

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Speaker 3: these things that we've been talking about all year that

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Speaker 3: are just phenomenal. They can participate because they listen to

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Speaker 3: the financial media. So I actually think my theory is

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Speaker 3: that I think there's some backlash against financial media. Some

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Speaker 3: people are If you look at the ratings numbers and

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Speaker 3: you see kind of what they've done over since April,

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Speaker 3: you'll see kind of a drifting down. I think that

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Speaker 3: they're upset and maybe going to podcasts and alternative media

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Speaker 3: and things like that.

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Speaker 4: Not that Bloomberg's going to go anywhere.

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Speaker 2: But Okay, so let's say that we've added about fifteen

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Speaker 2: trillion dollars from that April low. Is that a fair

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Speaker 2: estimate something around that? If you look at the broader

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Speaker 2: market and and a multiple on the S and P

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Speaker 2: right now of about twenty five times, Yeah, seems to

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Speaker 2: be a little expensive. Do you think people generally have

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Speaker 2: become a little complacent?

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Speaker 3: I mean, I don't know if we're at the nineteen

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Speaker 3: ninety six irrational and zuber and stage that Alan Greenspan

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Speaker 3: talked about, and if you think about that, that's the

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Speaker 3: year that he said that that preceded the actual bubble crashing.

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Speaker 4: You know, by about four years.

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Speaker 3: So I don't know if the people are irrationally exuberant

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Speaker 3: or if really truly everyone is beginning to understand that

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Speaker 3: this is the end of normal.

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Speaker 4: Ways of life as we've.

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Speaker 3: Known them, that this technology is so far outpacing what

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Speaker 3: we can otherwise accomplish just with human capacity, like the

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Speaker 3: exponential GDP DOUG is.

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Speaker 4: Going to be phenomenal.

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Speaker 3: The problem is that how do you continue to make

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Speaker 3: the human actually contribute to positively to GDP Because if

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Speaker 3: you outsource all human beings and we're positively contributing.

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Speaker 4: We don't have to.

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Speaker 3: Well, that's all fine and good, but then how do

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Speaker 3: we work out the economics of what you're earning, what

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Speaker 3: you're making.

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Speaker 4: Do we not have money anymore? Are we really going

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Speaker 4: to utopia?

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Speaker 3: So I don't think there's a rational exuberance, but I

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Speaker 3: do think there's pre exuberance before we actually monetize. We're

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Speaker 3: in the process of monetizing.

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Speaker 2: So tell me where you're finding opportunity then.

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Speaker 3: I mean, I think there's lots of opportunities. You know,

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Speaker 3: we've had some great recent IPOs, we've had some great

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Speaker 3: developments on consumer lending on the blockchain, for example, Figure technologies.

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Speaker 3: It's basically able to do a home equity loan. They're

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Speaker 3: claiming on the blockchain within ten days, cutting the normal

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Speaker 3: forty two day cycle which is conventional.

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Speaker 4: So there's a lot.

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Speaker 3: Of things that are beginning to actually monetize. In other words,

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Speaker 3: we're actually going to use the blockchain. We're not just

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Speaker 3: doing AI chat GPT in our daily lives and trying

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Speaker 3: to find a faster router or a better way to

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Speaker 3: write a paragraph. We're actually seeing monetization. That's just the beginning.

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Speaker 3: It's the tip of the iceberg, and it's going to

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Speaker 3: begin in mass and I think what we'll really start

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Speaker 3: to see is stable coin coming to four bear, especially

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Speaker 3: since the Genius Act passed, which as you know, is

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Speaker 3: a one to one reserve ratio of reserves. In other words,

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Speaker 3: if I issue twenty billion of stable coin, I have

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Speaker 3: to have twenty billion of liquid reserves and either US

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Speaker 3: dollars or US short term treasury short treasury bills. So

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Speaker 3: this is basically the ability to have third parties enter

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Speaker 3: into a currency operation that is backed by the full

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Speaker 3: faith and credit of US dollar US Treasury, but operated

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Speaker 3: and regulated somehow.

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Speaker 4: You'll see an entity coming.

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Speaker 3: We have another act that's potentially going to go through Congress,

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Speaker 3: which will be a regulatory framework for stable coin. So

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Speaker 3: you're looking at the very early stages, Doug, of the

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Speaker 3: very beginning of a new currency system that would in

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Speaker 3: fact replace the use of the US dollar completely.

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Speaker 2: Whether we're talking about AI technologies, data centers, or whether

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Speaker 2: we're talking about something that's related to the blockchain, we're

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Speaker 2: talking about a lot of power demand for electricity. Is

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Speaker 2: that something that you're playing right now. I know when

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Speaker 2: you and I have spoken about this in the past,

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Speaker 2: you've indicated that you're interested in taking some positions in

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Speaker 2: power companies, maybe utilities, even as that.

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Speaker 3: Still absolutely absolutely specifically nuclear power. I think nuclear power

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Speaker 3: is really our only real, true scientific, mathematical probability of

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Speaker 3: success to have enough power. Additional coal out nowhere near

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Speaker 3: the capacity that we need, gas, natural everything else beyond

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Speaker 3: actual coal fired electricity is subpart. Right, So if electricity

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Speaker 3: is already, if coal fired electricity is already, we know

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Speaker 3: not enough power for what the AI checks that everyone's

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Speaker 3: writing on these pe ratios for all these tech companies,

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Speaker 3: the AI checks that are being written off of the

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Speaker 3: multiples they expect AI to come. We have to have

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Speaker 3: the power grid and we don't have it. Electricity coal

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Speaker 3: fired is not going to be enough mathematically not enough,

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Speaker 3: Gasoline oil not enough. We have got to have some

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Speaker 3: kind of nuclear presence, and so I would bet on

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Speaker 3: nuclear stocks where their companies are actually looking at building

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Speaker 3: nuclear power generators, power plants. There's one Osclow that's basically

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Speaker 3: projected to have an actual nuclear power plant operational between

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Speaker 3: twenty twenty seven and twenty twenty eight. It's based in Idaho.

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Speaker 2: So if these hyperscalers are ramping up at a very

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Speaker 2: aggressive rate, is there the risk that they don't have

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Speaker 2: the power they need?

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Speaker 4: There's not the risk.

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Speaker 3: There is the absolute mathematical certainty that if we get

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Speaker 3: too much operational AI before the power has caught up,

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Speaker 3: we are sitting ducks.

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Speaker 4: We will have to ration power. There's not enough.

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Speaker 2: Well, that sounds inflationary too, which then takes me to

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Speaker 2: the It takes me to the FED. We heard from

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Speaker 2: Powell this week he said that the near term risk

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Speaker 2: to inflation are tilted to the upside. So there's the

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Speaker 2: tariff story. We're talking about the power story now, which

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Speaker 2: your outlook for inflation.

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Speaker 3: I mean, unfortunately, as you know I've mentioned to you

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Speaker 3: multiple times, Doug, we really have entered the very beginning

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Speaker 3: stages of a debt spiral, like I know, and no

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Speaker 3: one's talking about it, but the fact that our interest

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Speaker 3: has gone from the fourth largest expense to the second

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Speaker 3: largest expense as fast as it has in the last

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Speaker 3: few years.

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Speaker 4: We hit the second largest expense.

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Speaker 3: It surpassed Medicare Medicaid last year in May of twenty

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Speaker 3: twenty four.

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Speaker 4: Total debt service total.

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Speaker 3: Amount paid on the federal budget for that year, we've

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Speaker 3: surpassed it.

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Speaker 4: So now it's only second to our but mammoth.

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Speaker 3: Social Security just under a trillialler, and we expect it

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Speaker 3: to be closer to one point two trillion next year.

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Speaker 3: And that's with them calculating the refinancing of so much

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Speaker 3: of it with lower interest rates because they are they

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Speaker 3: have to, like, we can't afford the interest that we

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Speaker 3: are now being charged on an ongoing basis.

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Speaker 4: It's unsustainable.

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Speaker 3: And unfortunately, because we keep borrowing and we're charging interests

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Speaker 3: on top of interest, that interest grows every single year.

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Speaker 3: And the only chance that we have that our GDP

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Speaker 3: actually outpaces our actual interest growth is AI is a

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Speaker 3: Fourth Industrial Revolution is the new frontier of productivity that

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Speaker 3: is just unmatched at the human level.

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Speaker 2: Are you focused squarely on opportunities in the States or

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Speaker 2: are you looking offshore?

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Speaker 3: I mean, I think that there's a lot of robotics

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Speaker 3: that you have to look outside of the United States.

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Speaker 3: You have to look at German manufacturing, you have to

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Speaker 3: look at Japanese manufacturing, you have to look at outside

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Speaker 3: opportunities in this world. The United States is soorled and

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Speaker 3: going to be a forethought and a four leader, But

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Speaker 3: I don't think we're going to be in this race alone,

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Speaker 3: and I don't think we'll finish number one in every category.

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Speaker 2: So we started the conversation by talking about how far

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Speaker 2: the equity market is run from the April lows and

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Speaker 2: how expensive things are right now. Are you holding on

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Speaker 2: the cash or or when cash comes in, are you

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Speaker 2: deploying it immediately? Are you fully invested or is there

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Speaker 2: a little dry powder that Rebecca Wallser is keeping on

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Speaker 2: the sidelines.

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Speaker 3: I mean, I do think that everyone should have a

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Speaker 3: little dry powder all times, just because there could be

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Speaker 3: something we want to capitalize on that it's not a huge,

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Speaker 3: obviously position or big part of the portfolio, but for

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Speaker 3: the most part, we're pretty fully deployed. We have, you know,

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Speaker 3: the dry powder that we normally have, which would we

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Speaker 3: would say at least a ten percent position in general.

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Speaker 3: And I would say that, you know, you're just looking

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Speaker 3: for opportunities. I do think there will be. What investors

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Speaker 3: need to understand, Doug, is that monetization of new technology

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Speaker 3: is always bumpy. It is always historically bumpy. It is

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Speaker 3: not a from point A straight to point B line

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Speaker 3: up to the right. It's not how it goes. It's bumpy.

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Speaker 3: And so as long as people are prepared for pullbacks,

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Speaker 3: you know, like we had like at one point this

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Speaker 3: year more than one time, we had people not.

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Speaker 4: Really happy with Nvidia.

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Speaker 3: I mean, you know that these things happen, and it's cyclical,

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Speaker 3: especially as we monetize, as we go from prognosticating value

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Speaker 3: to actual realize value, it gets bumpy.

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Speaker 2: So you talked about a debt spiral being one of

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Speaker 2: the risks out there that you're focused on. I'm curious

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Speaker 2: about other risks that you see on the horizon.

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Speaker 3: Well, of course, there's the biggest risk of all, and

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Speaker 3: that is that we are globally dedollarizing, which you and

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Speaker 3: I have talked about and we've talked about China's intent

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Speaker 3: and written papers one hundred year plans in place written

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Speaker 3: that they want to be the number one military and

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Speaker 3: economic superpower in the world, bar none, and that includes

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Speaker 3: taking down the United States of America. So clearly, I

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Speaker 3: think that China and what they've orchestrated economically with their

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Speaker 3: Built and Road initiative, what they've orchestrated with really being

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Speaker 3: taking over from the Bank of International Settlements the BIS.

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Speaker 3: They took over the project Mbridge, which was a central

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Speaker 3: bank cryptocurrency project about you know, central branks transacting on

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Speaker 3: the blockchain and you know, and their domestic currencies, central

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Speaker 3: bank digital currencies. I mean, they are just so advanced

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Speaker 3: from a perspective of being on the blockchain and being

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Speaker 3: the new center of kind of financial hub. I mean,

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Speaker 3: if you go to Dubai, you'd think they would be

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Speaker 3: the investment capital of the world. I've been there, and

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Speaker 3: it's insanity for us to be so arrogant that we

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Speaker 3: just think the United States is going to be on

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Speaker 3: the top because of the US dollars.

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Speaker 2: Even so, the Chinese economy seems to still be struggling.

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Speaker 2: They have a problem with confidence the real estate market

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Speaker 2: is still not doing well. A year ago, the government

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Speaker 2: made a major pivot in applying a lot of stimulus

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Speaker 2: to different segments of the economy, that includes fiscal monetary

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Speaker 2: They targeted the housing market as well, and things still

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Speaker 2: have been somewhat like cluster. That doesn't concern you at all.

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Speaker 2: The fact that the animal spirits in China right now

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Speaker 2: don't seem to be rising to the occasion.

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Speaker 3: Yeah, don't get me wrong. I don't want to China

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Speaker 3: to succeed. I just see them as a sincere threat.

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Speaker 3: But you know, of course they absolutely have some economic problems,

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Speaker 3: just like I would say to you, like Japan with

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Speaker 3: their debt to GDP which is over two hundred percent,

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Speaker 3: that's economically unheard of, not viable, can't work, and yet

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Speaker 3: it continues to work. So I feel like we are

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Speaker 3: globally very quickly approaching the end of fiat debt at

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Speaker 3: central bank fiat debt. We are going to go to

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Speaker 3: tokenization of hard assets, real reserves, and obviously to currency

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Speaker 3: on the blockchain, and it's going to be a complete

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Speaker 3: shift of currency.

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Speaker 2: Well, we'll see where we go from here. Any comments

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Speaker 2: on gold, I know we pulled back a little bit today,

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Speaker 2: but we're very close to record highs. What do you

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Speaker 2: think is happening here? Is this all about central banks

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Speaker 2: and then the retail crowd that came in at the

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Speaker 2: last part of the rally that we had.

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Speaker 3: Yeah, I'm I think absolutely it's central bank related. You

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Speaker 3: have Basso three that went into effect, which basically moved

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Speaker 3: Goal from a Tier three asset to a Tier one

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Speaker 3: asset and really made the central banks want to step

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Speaker 3: up and own it for all of the things that

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Speaker 3: that meant as far as reserves at their central bank.

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Speaker 3: But also Doug again, we are closing to closing in

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Speaker 3: to the end of the people's belief in fiat currency,

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Speaker 3: the fiat debt system, the fiat money multiplying system. I'm

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Speaker 3: on a fractional reserve system. I to give you one hundred,

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Speaker 3: you lend out ninety. Now we have fake money because

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Speaker 3: there's not really one hundred and ninety. There was one

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Speaker 3: hundred and it became one hundred and ninety. So the

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Speaker 3: money multiplier, fractional reserve, all of these things. When we

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Speaker 3: moved to the blockchain, and it's all publicly notable, traceable, seeable,

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Speaker 3: that's why you got like the staple Cooin Act that

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Speaker 3: requires the Genius Act, that requires these stable coins to

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Speaker 3: have a one to one reserve relationship so people can

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Speaker 3: trust it and it'll be on the blockchain'll be transparent.

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Speaker 3: So we are getting close to the end of fiat

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Speaker 3: currency and the government can issue whatever they want.

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Speaker 2: All right, We'll leave it there. It's always a pleasure. Rebecca,

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Speaker 2: Thank you so very much. Rebecca wi As president of

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Speaker 2: walls Er Wealth Management, joining us here on the Daybreak

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Speaker 2: Asia podcast. Welcome back to the Daybreak Asia Podcast. I'm

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Speaker 2: deg Krisner. The US and South Korea are still trying

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Speaker 2: to finalize a trade deal, and these negotiations have included

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Speaker 2: discussions around investment projects in the US. However, South Korea's

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Speaker 2: Prime minister says those projects will remain in limbo now

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Speaker 2: until visa issues are resolved. Prime Minister Kim Minsook spoke

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Speaker 2: exclusively to Bloomberg sherry On in Seoul. Here's part of

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Speaker 2: that conversation.

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Speaker 4: I Bonhof Salmon.

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Speaker 5: Dis negotiation wasn't initiated by us. We didn't start from

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Speaker 5: a position of advantage, nor did we raise the issues.

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Speaker 5: Isn't that the case for the entire world since the

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Speaker 5: whole world is negotiating under the new conditions presented by

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Speaker 5: the United States. Rather than insisting on specific conditions, the

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Speaker 5: correct answer would be that certain things are simply difficult

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Speaker 5: to achieve. Therefore, anything that exceeds the limits of what

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Speaker 5: the Republic of Korea can bear in terms of national interests, acceptability, capacity,

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Speaker 5: or public understanding will be quite difficult to undertake.

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Speaker 1: Are the issues that need to be resolved around the

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Speaker 1: three hundred and fifty billion dollar investment fund into the US.

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Speaker 5: That's generally the case since the framework for the large

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Speaker 5: amount is already said. The fact that the amount is

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Speaker 5: fixed means it started with the expectation that, depending on

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Speaker 5: how that amount is structured, it could potentially be mutually beneficial. However,

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Speaker 5: the structure itself, how the funds are raised, or how

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Speaker 5: the profits are distributed, these things need to be within

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Speaker 5: the bounds of what's considered normal, and when explaining to

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Speaker 5: our Korean citizens, it needs to be at a level

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Speaker 5: where they can understand and accept it. Above all, it

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Speaker 5: must be within the capacity of our Korean economy to handle.

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Speaker 1: President E talked about the need for a currency swap

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Speaker 1: agreement in order to avoid any shocks to the Korean

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Speaker 1: economy when delivering these funds.

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Speaker 6: What has Washington said so far?

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Speaker 5: I haven't heard the exact details yet on how they've

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Speaker 5: responded so far, However, as the President has already stated

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Speaker 5: that amount currently represents seventy to eighty percent of Korea's

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Speaker 5: total foreign exchange reserves. Without measures like swaps or similar mechanisms,

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Speaker 5: the impact on the Korean economy will be too severe. Also,

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Speaker 5: as a nation that experienced a foreign exchange crisis, public

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Speaker 5: vigilance on this matter is high. I believe these factors

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Speaker 5: must be taken into consideration.

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Speaker 1: When it comes to the tariffs themselves, we still have

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Speaker 1: to see the US actually louring car tariffs on South

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Speaker 1: Korea to the agree fifteen percent.

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Speaker 6: And even if.

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Speaker 1: The terriffs we're ignored the terriff advantage that South Korean

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Speaker 1: carmakers have over Japan, for example, twenty a half percent

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Speaker 1: before the Trump trade deal, that's going to disappear. How

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Speaker 1: painful is that for South Korean firms right now?

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Speaker 5: Done? First, the FTA structure between US and the US

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Speaker 5: is changing, and that will create a burden. Naturally, if

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Speaker 5: tariffs drop from twenty five to fifteen percent, that will

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Speaker 5: be better, But it's still harder than before, and especially

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Speaker 5: at this point, there's the difficulty of having to bear

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Speaker 5: to twenty five percent until this negotiation concludes. So, in short,

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Speaker 5: there are difficulties. Yundimotor and others are facing particular challenges. However,

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Speaker 5: as far as we understand, Yndimot currently plans to navigate

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Speaker 5: this situation without changing its pricing policy for now, I

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Speaker 5: personally view this as a relatively wise approach. The government

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Speaker 5: is reviewing various policy options to see what can be

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Speaker 5: done to alleviate the burden on the automotive sector caused

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Speaker 5: by the ongoing negotiations.

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Speaker 1: More problematic also for Korean companies has been the visa issue,

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Speaker 1: especially with the plant in Georgia.

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Speaker 6: What sort of.

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Speaker 1: Resolution can we expect on that front.

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Speaker 5: Before discussing what kind of solution there is? Realistically, without

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Speaker 5: a solution, it's difficult to invest in the United States

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Speaker 5: and carry out the various joint projects currently planned between

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Speaker 5: South Korea and the US. We absolutely must find a solution.

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Speaker 5: Several projects are underway between South Korea and the US.

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Speaker 5: Without resolving the visa issue, meaningful progress remains virtually impossible.

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Speaker 5: The detention incident dealt a severe blow not only to

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Speaker 5: the general Korean public, but especially to the workers who

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Speaker 5: are actually detained and the absence of firm assurances regarding

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Speaker 5: their safety, both they and their families are understandably reluctant

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Speaker 5: to enter the US again. While this matter remains unresolved.

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Speaker 1: Our investment projects right now halted until some resolution is

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Speaker 1: acquired on the resa issue.

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Speaker 5: Although the projects have not been entirely halted or formally

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Speaker 5: placed on hold, it will be very difficult for a

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Speaker 5: large number of workers to enter or re enter the

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Speaker 5: US until this problem is resolved.

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Speaker 1: South Korean firms are also seeing challenges, for example, in China,

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Speaker 1: especially when it comes to US CHIP restrictions for Beijing

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Speaker 1: Korean firms operating in China. How can South Korea manage

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Speaker 1: the growing tech rivalry between China and the United States.

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Speaker 5: Well, that's a problem the whole world is grappling with.

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Speaker 5: It's a natural concern, especially for countries like Korea that

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Speaker 5: share significant economic ties with both the United States and China. Naturally,

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Speaker 5: we strive to maintain relations with all neighboring countries. However,

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Speaker 5: we understand that the overall plate we stand on has

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Speaker 5: tilted slightly compared to the.

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Speaker 6: Past, in what way.

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Speaker 5: The terrain itself has tilted towards strengthening our relationship with

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Speaker 5: the United States. I can answer it in that way,

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Speaker 5: what does.

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Speaker 6: That mean for China Korea relations?

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Speaker 5: Then, Kugos, I think China understands this too. If Korea,

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Speaker 5: standing on this larger terrain, demonstrates appropriate efforts to maintain

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Speaker 5: its relationship with China understanding the change terrain, then even

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Speaker 5: on that terrain, Korea can still strive to maintain its

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Speaker 5: relationship with China.

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Speaker 1: But the US has had so many demands for South Korea, including,

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Speaker 1: for example, raising defense spending five percent.

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Speaker 6: Of GDP as more NATO, for example.

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Speaker 4: Kat Christen.

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Speaker 5: With respect to defense spending, I do not believe it

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Speaker 5: must necessarily be considered in connection with our relations with

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Speaker 5: other countries. Rather, it is an area that can be

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Speaker 5: expanded as part of strengthening our independent national defense by

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Speaker 5: how much recently we've mentioned three point five percent and

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Speaker 5: we did so because we judge that this is a

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Speaker 5: level we are capable of sustaining.

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Speaker 1: Are we expecting any contact between North Korean leader Kim

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Speaker 1: zongun and President Trunk during the upcoming EPIK summit.

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Speaker 5: Tounta both of them are currently evaluating the relationship between

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Speaker 5: the two parties positively. Since unforeseen events can always occur,

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Speaker 5: I believe we should keep that possibility open. But so far,

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Speaker 5: North Korea and Chairman Kim Jong un are showing no

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Speaker 5: signs of changing their stance.

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Speaker 6: President E.

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Speaker 1: Created a positive foundation for South Korea Japan ties during

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Speaker 1: his last visit to Tokyo.

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Speaker 6: We might see a leadership change in Japan.

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Speaker 1: Could this have an impact on Korea Japan relations as well?

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Speaker 4: We didn't go to town.

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Speaker 5: We hope that won't be the case. We believe it

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Speaker 5: is undesirable for relations between nations to be significantly impacted

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Speaker 5: or altered by changes in leadership. While we also face

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Speaker 5: various challenges, we have prioritized diplomatic continuity and are working

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Speaker 5: to further improve relations with Japan. Regardless of who becomes

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Speaker 5: Japan's new prime minister, we expect and hope that they

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Speaker 5: will consider various factors to ensure that the current newly

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Speaker 5: formed friendly hemisphere is not adversely affected.

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Speaker 2: That is South Korea Prime Minister Kim mins speaking to

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Speaker 2: Bloomberg's Sharing on in Seoul. Thanks for listening to today's

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Speaker 2: episode of The Bloomberg Daybreak Asia Edition podcast. Each weekday,

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Speaker 2: we look at the story shaping markets, finance, and geopolitics

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Speaker 2: in the Asia Pacific. You can find us on Apple, Spotify,

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00:23:13,400 --> 00:23:16,879
Speaker 2: the Bloomberg Podcast YouTube channel, or anywhere else you listen.

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Speaker 2: Join us again tomorrow for insight on the market moves

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Speaker 2: from Hong Kong to Singapore and Australia. I'm Doug Prisoner

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Speaker 2: and this is Bloomberg