Lee Jae Myung backs four-year presidency reform
Analysis based on 6 articles · First reported Aug 13, 2026 · Last updated Aug 14, 2026
The proposed constitutional reform could lead to political uncertainty in South Korea, potentially affecting investor sentiment and the Korean won. However, the impact is likely limited as the reform is at an early stage and requires broad parliamentary consensus.
South Korean President Lee Jae Myung expressed support for constitutional reform that would change the presidency from a single five-year term to a four-year term with the possibility of re-election, while also strengthening parliamentary powers. According to Yonhap news agency, a South Korea — Cheong Wa Dae official said Lee favors this model, which has the broadest public acceptance, and shares concerns about the concentration of power under the so-called 'imperial presidency'. Lee himself stated on social media that his position remains unchanged from his 2022 presidential campaign, advocating for adjusting the balance of power between the president and parliament, strengthening local autonomy, and enhancing constitutional protections for citizens. He proposed transferring some presidential powers, including authority over the South Korea — Board of Audit and Inspection, the nomination of the prime minister, and certain personnel appointments, to parliament. Constitutional amendments require the support of at least 200 lawmakers in the National Assembly and should be based on political consensus.
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