South Korean President Lee Jae-myung has carried out a cabinet reshuffle affecting six ministerial positions, appointing Lee Hyoung-il as finance minister and deputy prime minister, and Kang Shin-chul as defense minister. Lee Hyoung-il, a former first vice finance minister, will oversee the country’s economic policies, while Kang Shin-chul, a former deputy commander of the ROK-U.S. Combined Forces Command, will take charge of defense affairs. These appointments aim to strengthen governance by favoring technocrats with strong ties to the U.S. alliance. The market currently prices the probability of Lee Jae-myung’s arrest by the end of 2026 at 7.3%.
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