The question about recovery—based on my personal research on the Korean stock market, although the fundamentals are very strong, one issue is that foreign capital has been pulling out for a while. Even though there’s been some inflow recently, it’s still very small compared to the amount that was withdrawn. Secondly, domestic Korean traders are almost all trading on leverage at this point, which has pushed stock prices up artificially. If foreign capital pulls out again or there’s a temporary correction, a large number of investors could be forced into stop-losses (or margin calls). That said, the fundamentals are indeed solid. The data cited in this article shows that Korea’s chip and semiconductor exports are currently increasing. But strong fundamentals don’t necessarily mean the stocks will perform well. Personally, I think if Korea’s chip and semiconductor industries are to shine again, it will only happen after leverage levels are adjusted. PS: Leverage in the U.S. is also very high right now.