President Lee jae-myung marks first year with high approval

May 31 (Asia Today) -- President Lee Jae-myung will mark his first year in office Wednesday with approval ratings above 60%, a surging stock market and a policy agenda driven by a large ruling party majority.

Lee took office June 4 last year, pledging to be a president for all South Koreans after months of political turmoil following the Dec. 3 martial law crisis. His administration has since moved quickly on legislation including special counsel probes, prosecution reform and revisions to the Commercial Act aimed at strengthening shareholder rights and improving corporate governance.

In foreign and security policy, Lee has emphasized what he calls pragmatic diplomacy centered on the national interest. His administration has cited progress in tariff negotiations with the United States, expanded discussions with Washington on nuclear-powered submarines and efforts to improve relations with Japan and China.

A Gallup Korea poll released May 22 showed Lee's job approval rating at 64%, up 3 percentage points from the previous week and well above his 49.42% vote share in last year's presidential election. The ruling Democratic Party's approval rating stood at 45%, while the main opposition People Power Party fell to 22%.

One of the biggest drivers of public support has been the stock market rally. The Kospi closed at 2,770.84 on Lee's inauguration day and has since surged past 8,000, fueled by semiconductor strength, artificial intelligence demand and expectations for market reform. The Kospi has risen nearly 90% this year, while South Korea's National Pension Service plans to raise its target for domestic stock holdings to 20.8% by the end of 2026.

Lee has promoted stock market reform as a central economic agenda, pledging to address the "Korea discount" and improve shareholder protections. Korean media reported in March that Lee proposed additional reforms, including limits on duplicate listings by holding companies and subsidiaries, a practice often blamed for weakening shareholder value.

The administration's governing style has also shaped public perceptions. Lee has emphasized live-streamed Cabinet meetings, frequent social media communication and practical diplomacy over ideological framing. Since taking office, he has traveled to 15 countries and moved to expand markets for South Korean companies and diversify supply chains.

In defense policy, Lee has pushed forward South Korea's long-discussed plan to acquire nuclear-powered submarines. South Korean officials have said Seoul aims to launch its first nuclear-powered submarine by the mid-2030s, using low-enriched uranium and developing the vessel domestically in cooperation with the United States.

The government says the submarine plan is intended to strengthen South Korea's ability to counter North Korea's growing nuclear and missile threats. Lee also instructed officials this week to accelerate efforts to acquire nuclear-powered submarines, according to Yonhap.

Still, Lee faces major challenges in his second year. Analysts point to housing prices, economic risks from the Middle East conflict and national unity as key tests for the administration. The June 3 local elections are also expected to serve as a barometer of whether Lee can maintain political momentum.

Han Sung-min, a professor of political science and diplomacy at Hankuk University of Foreign Studies, said the public appears to have responded positively to Lee's pragmatic approach and active communication.

"Public satisfaction appears high over the Lee administration's practical governing style and more active communication compared with previous governments," Han said. "But the possibility of further housing price increases due to high liquidity and a shortage of supply in the Seoul metropolitan area remains a risk. Solving the housing issue will be an important task for the rest of his term."

-- Reported by Asia Today; translated by UPI

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This story was originally published May 31, 2026 at 8:50 PM.