MOON ADMITS FAILURE IN REAL ESTATE POLICIES

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President Moon Jae-in has picked the real estate issue as the most regrettable policy failure during the past four years in office. In a special address marking the fourth anniversary of his inauguration Monday, he expressed an apology for that, saying that it was like being hit with bamboo sticks. But the president underlined that the government will maintain the current policy direction but correct its flaws.

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President Moon Jae-in picked the real estate issue as the most regrettable policy failure in the past four years.

[Soundbite] (Pres. Moon Jae-in) : "The government and ruling party received a severe punishment through the local by-elections. It was like a whipping of bamboo sticks and gave a sobering lesson."

He again admitted to the failure, following his initial apology made in January. The president, however, dismissed the possibility of discarding the current policy direction of curbing speculative property investment and increasing housing supply. At the same time, he agreed to the need to revise some policies in order to help non-speculative home buyers. Regarding the proposal to grant special presidential pardons to former presidents Lee Myung-bak and Park Geun-hye, as well as Samsung Electronics Vice Chairman Lee Jae-yong, Moon showed a slight shift from his previous stance. Back in January, he said it was premature to discuss the matter. But in Monday's address, the president promised to make a decision in line with fairness and judicial justice. He noted grounds for pardoning them, such as the two ex-presidents' health issues and fierce competition in the global semiconductor market.

[Soundbite] "I don't think it's an issue that a president can determine on his own. I will make a decision after listening to public opinions sufficiently."

Moon appeared to be reluctant to mention the next presidential election. In particular, he declined to comment on former Prosecutor General Yoon Seok-youl, who is now emerging as a promising presidential candidate. Yoon resigned as top prosecutor earlier this year due to deep conflicts with the government's prosecutorial reform drive.

[Soundbite] "Since he (former Prosecutor General Yoon Seok-yeol) is now being viewed as a leading presidential candidate, it would be better for me to not make comments."

With only a year to go in office, the president also vowed to use the last year of his term to restart the Korean Peninsula peace process.