Time now for an in-depth look at the market news this afternoon.
And for that, I'm joined on the line by Dr. Kim Sei-wan, Professor of Economics at Ewha Womans University.
Professor Kim, good afternoon. Thank you for coming on today.
Let's start with Wall Street, professor. Stocks got crushed overnight after data showed that consumer prices in the U.S. were up last month by the most in 13 years. Inflation was expected, but this was more than economists were predicting. What's the story in the global markets?
Korean stocks were on a similar trajectory to Wall Street this morning. By the end of the session, the loss wasn't quite as big, but still significant. Tell us about the local market.
Let's look at Bitcoin for a minute. Elon Musk saying his company, Tesla, is no longer going to accept Bitcoin as payment for its cars. Of course, his comments have sent Bitcoin higher in the past, and this time he sent it way down. It's off by 10 to 12 percent in the past 24 hours. What do you see happening with cryptocurrencies?
The credit ratings agency Moody's has decided to keep Korea's rating at double-A-two, which is its third highest grade. It's also raised Korea's GDP forecast this year to 3.5 percent. It says Korea has dealt well with the pandemic, but Moody's also points to the looming challenge of the country's aging society. Tell us about the issues at play here, and what might be done.
Korea saw a big jump in employment last month of around 650-thousand from a year earlier. That's the biggest increase since 2014. But in fact jobs in the private sector lagged behind. Tell us more about that, and if you think there's cause for concern.