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> decreased demand from Chinese markets

Makes sense. That was my other hunch as well.

> Korea acquiesced mostly because Moon administration over-reached in trying to win brownie points from nationalist left by being "tough" on Japan which put them in a legally vulnerable position with Supreme court's judgement(by installing supreme court judges with clear ideological bend) in direct conflict with 1965 Japan-Korea agreement + increased geopolitical risk atmosphere from China/ Ukraine/Russian war.

Yep. Imo SK looks like it's entering a very turbulent political couple of years due to the DPK-People Power bickering. There has definitely been a fair amount of democratic backsliding due to a weaker civil society




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