韩国汇总日元干预、存储LTA和机器人零部件机会

▲AI PRISM* Customized Economic Briefing
*Editor's Note: 'AI PRISM' (Personalized Report & Insight Summarizing Media) is an "artificial intelligence (AI)-based customized news recommendation and summary service" developed with support from the Korea Press Foundation. It selects and provides six customized news items for each reader type.
[Key Issue Briefing]
■ Yen Defense Coordination: The United States and Japan jointly conducted yen-buying intervention on the 31st of last month and stated they would not hesitate to carry out additional joint intervention. As a result, the yen-dollar exchange rate, which had approached a high of 164 yen, plunged to 155.23 yen before moving in the 156 yen range.
■ Memory Negotiation Advantage: Global memory chip makers Samsung Electronics (005930), SK hynix (000660), and Micron have successively signed long-term agreements (LTAs) of around five years, reshaping transaction methods toward multi-year contracts. Among them, Samsung Electronics is assessed to have secured the most favorable negotiation structure of the three by not setting a ceiling on price increases.
■ Target Price Downgrade Reversal: With the KOSPI plunging 22.19% last month, securities firms' target price cut reports numbered 828, more than double the 410 upgrade reports. However, many reports maintained or raised their investment ratings while lowering target prices, leading to interpretations that valuation appeal has come into focus.
[News of Interest to Global Investors]
1. US, Japan Move to Rescue Yen, Won't Hesitate on Further Intervention
- Key Summary: Following their joint foreign exchange market intervention through yen buying on the 31st of last month, the United States and Japan formalized their position that they will not hesitate to conduct additional joint intervention. US Treasury Secretary Scott Bessent said, "We strongly support the Japanese government's decisive market and monetary policy measures," and Japanese Finance Minister Satsuki Katayama reaffirmed the same position. Following this measure, the yen-dollar exchange rate, which had approached a high of 164 yen, plunged to 155.23 yen before moving in the 156 yen range. However, some diagnose that the intervention's effect could be limited unless the Bank of Japan follows with a rate hike.
2. Reports Cutting Target Prices Outnumber Upgrades for First Time in 15 Months
- Key Summary: Target price cut reports issued by domestic securities firms last month numbered 828, twice the 410 upgrade reports, marking the first time in 15 months that downgrades became dominant. Due to the KOSPI's 22.19% plunge in July, target prices for top market-cap stocks such as Samsung Electronics and SK hynix were successively lowered. However, reports raising investment ratings (63) far outnumbered downgrades (8), and Morgan Stanley raised its investment rating on the Korean stock market from "neutral" to "overweight." Goldman Sachs also newly added Samsung Electronics to its APAC (Asia-Pacific) Conviction List, presenting a target price of 490,000 won.
- Key Summary: Memory semiconductor makers Samsung Electronics, SK hynix, and Micron, riding the artificial intelligence (AI) supercycle, are successively signing long-term agreements (LTAs) of around five years. Among them, Samsung Electronics was assessed to have secured the most favorable structure by limiting quarterly price cuts to a maximum of 5% while placing no ceiling on price increases. According to FnGuide, Samsung Electronics is expected to record revenue of 738 trillion won and operating profit of 391 trillion won this year, while SK hynix is projected to post revenue of 346 trillion won and operating profit of 266 trillion won. The July fixed transaction price for general-purpose PC DRAM (DDR4 8Gb) reached $24, jumping 14.3% from the previous month to set a new high since 2016.
[Reference News for Global Investors]
4. Korean-Style IRA Excludes Electric Vehicles, Adds 30% Premium to Inheritance Value
- Key Summary: The 2026 tax reform proposal announced by the Ministry of Economy and Finance on the 3rd included six items—semiconductors, secondary batteries, AI (artificial intelligence) robot components, solar power, wind power, and core materials—as beneficiaries of the Korean-style Inflation Reduction Act (IRA). Electric vehicles were excluded from the supported items on the grounds that they are finished products, while small modular reactors (SMRs) were newly designated as national strategic technology. Meanwhile, if so-called "share price suppression"—deliberately lowering stock prices to reduce inheritance and gift taxes—is detected, the government decided to impose taxes by raising the stock value by at least 30%. The family business inheritance deduction limit will increase from 60 billion won to 100 billion won, but requirements for management period and post-management period were strengthened.
5. After 13 Years, Bank of Korea Buys Physical Gold Again
- Key Summary: The Bank of Korea decided to resume physical gold purchases for the first time in 13 years since 2013, targeting gold volumes scheduled for export by domestic companies. The Bank of Korea established a purchase cooperation system with the Korea Exchange, the Korea Securities Depository, and LS (006260) MnM, and has continued purchasing gold exchange-traded funds (ETFs) since the second quarter of this year. As of April, the Bank of Korea's gold holdings stood at 104.4 tons, accounting for just 3.5% of its foreign exchange reserves, a large gap from major countries such as the United States at 8,133.5 tons, Germany at 3,349.5 tons, and China at 2,331.5 tons. However, some point out that the effect of expanding foreign exchange reserves is limited, as domestic gold export volume stands at only about 4 to 5 tons annually.
6. US Bars China's Advanced Robots, K-Parts Firms Target the Gap
- Key Summary: The US Federal Communications Commission (FCC) completely banned imports of new humanoid robot and quadruped robot models on the 28th of last month, in what analysts view as regulation targeting Chinese-made robots. As a result, domestic auto parts companies such as Halla Cast (125490), SL (005850), and Samhyun (437730) are quickly shifting their businesses into the robot parts market, expanding opportunities to enter the North American market. The government also plans to expand research and development (R&D) investment in three key components: actuators, robot hands, and sensors. Goldman Sachs forecast that Korea, based on expertise accumulated in the automotive industry, will establish itself as a key supply chain country producing 74,000 units—30% of the world's humanoid production—by 2030.
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