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Lee Jae-Myung Mobilizes Emergency Budget and Deepens US-Japan Ties Ahead of G7 Summit

Proactive economic measures follow his first overseas diplomacy ahead of the Group of Seven summit

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South Korea's President Lee Jae-myung talks to attendees during the conclusion of his inauguration ceremony at the National Assembly in Seoul on June 4, 2025.     ANTHONY WALLACE/Pool via REUTERS/File Photo

Overview

  • President Lee will convene the second meeting of his emergency economic task force to outline at least a 20 trillion-won supplementary budget and measures to curb inflation.
  • He spoke by phone with Japanese Prime Minister Shigeru Ishiba, agreeing on trilateral cooperation with the United States to address regional crises.
  • The presidential office is arranging a gathering with heads of major conglomerates later this week for economic condition reviews before the Canada summit.
  • Lee has ordered a thorough investigation into the 2022 Itaewon crowd crush as part of his judicial reform drive.
  • A Realmeter poll shows 58.2 percent of respondents expect Lee to perform well on state affairs, underscoring public confidence in his early agenda.