Published by Global Banking & Finance Review®
Posted on April 9, 2025
3 min readLast updated: January 24, 2026
Add as preferred source on GoogleLee Jae-myung steps down as opposition leader, hinting at a presidential run in South Korea's snap election following Yoon Suk Yeol's impeachment.
By Ju-min Park and Jack Kim
SEOUL (Reuters) -South Korea's main opposition party head Lee Jae-myung said on Wednesday he was stepping down as party leader, amid expectations that the current populist front-runner for the presidency in opinion polls would soon declare his run.
South Korea's labour minister, Kim Moon-soo, who has been among ruling People Power Party members indicating an intention to run, also declared his candidacy.
South Korea will hold a snap presidential election on June 3, after former president Yoon Suk Yeol's impeachment stemming from a December martial law declaration was upheld.
"I will be now starting new work," Lee, the Democratic Party leader, told a party leadership meeting carried live on his YouTube channel. He did not elaborate nor confirm he would be standing for the presidency.
The election kicks off a race to elect a new leader who will be thrust into the challenge of navigating Asia's fourth-largest economy through a global trade war triggered by wide-ranging tariffs imposed by U.S. President Donald Trump.
The next leader will also face a bitter partisan feud magnified by the impeachment of Yoon, who cited unrelenting political obstruction by the majority opposition and unproven claims that the 2024 parliamentary election was marred by fraud when he declared martial law.
Lee, 61, lost by the slimmest margin in the country's history when he ran against Yoon in the 2022 presidential election. Last year, he led his liberals to a landslide victory in a parliamentary election.
Unlike the Democratic Party, the People Power Party has a wide open field of declared and potential candidates including the labour minister and also the mayors of Seoul and Incheon, although some have failed to poll more than single-digit percentages.
LEE FAR AHEAD BUT FACES LEGAL WOES
Kim, who has supported Yoon and called for his reinstatement, currently leads the field among conservative candidates, although he trails Lee by double digits in opinion polls under a two-way scenario.
He said he would focus on strengthening the security alliance with the United States but also seek a path for the country to potentially pursue nuclear armament by securing the right to reprocess nuclear fuel, which is considered a step toward building atomic weapons.
"In response to North Korea's nuclear threat, I will become a global leader in protecting freedom and human rights by securing nuclear fuel processing capabilities and developing nuclear-powered submarines," he said.
On Wednesday, the head of the National Election Commission said voting was monitored by more than 300,000 independent observers and workers and there were no grounds for doubts about the integrity of the 2024 election or any other votes.
Yoon is under a separate criminal trial on charges of leading insurrection by declaring martial law with no constitutional grounds.
Lee, who survived a knife attack in 2024 that severely injured him but has since recovered fully, faces legal uncertainties himself.
In March a court threw out his guilty verdict on charges of violating the election law, but prosecutors have appealed to the Supreme Court, and Lee is also on other trials on charges ranging from bribery to corruption.
It was unclear if any of the ongoing court cases would present a roadblock to Lee in the election process.
(Reporting by Jack Kim and Ju-min ParkEditing by Ed Davies)
The article discusses South Korea's upcoming presidential election and Lee Jae-myung's potential candidacy following Yoon Suk Yeol's impeachment.
Lee Jae-myung is the former leader of South Korea's main opposition party and a potential presidential candidate.
A snap election is being held due to the impeachment of former president Yoon Suk Yeol.
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